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The GameStop price skyrocketed 238% in the last 24 hours to trade at $0.01299 as of 00:59 a.m. EST on trading volume that surged 1,046% to $192 million.
This comes after Keith Gill, known as “Roaring Kitty” on X, posted on Reddit that he has $181.4 million worth of GME stock and call options. This was the first time since April 2021 that Gill posted on his ‘‘DeepFuckingValue’’ Reddit account.
The screenshot disclosed that Gill purchased 5 million GME shares for $115.7 million and put $65.7 million into call options, with a bet that GME would be at least $20 a share on June 21.
According to Gill’s screenshot, he has gained over $9.3 million on the GME holdings and a loss of nearly $2.5 million on the call options.
After the leader of the GameStop saga back in 2021 made an internet appearance for the first time in three years in May, GME soared to an all-time high (ATH) of $0.02167, as data from GeckoTerminal shows.
The hopes of a GameStop 2.0 fizzled out thereafter, with GME falling within a falling wedge pattern.
However, after the news of Gill’s latest announcement, GME has been on an upward surge, using the support around $0.003 on the lower boundary of the falling wedge pattern to push GME toward a sustained rally.
GameStop Price To Sustain Its Rally Over The Falling Wedge Pattern
The main technical indicators show that GME is currently on a very strong bullish trend. GME trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), which supports the bullish potential to the upside.
Moreover, the Relative Strength Index (RSI) also trades within the 70-overbought region, currently at 78, an indication of intense buying pressure and continued investor optimism.
The Moving Average Convergence Divergence (MACD) forms a bullish crossover, with the blue MACD line crossing above the orange signal line. A bullish crossover is often an encouragement for the bulls to buy more, which may sustain the bullish stance towards its ATH.
The green bars on the histogram are also beginning to form, which shows that GME is pushing towards positive momentum.
GameStop Price Prediction
The GameStop Price long-term analysis shows that GME is currently on a bullish momentum as the token sustains its bullish stance over the upper boundary of the falling wedge pattern.
Major technical indicators, including the MACD and the RSI, indicate that GME eyes to record new highs, with the bulls currently targeting $0.020.
However, the MACD and RSI show that the asset is highly overbought, which may push the bears to initiate a sell-off to book profits, pushing GME through a retrace back to the support level around $0.0044, coinciding with the 50-day SMA.
Meanwhile, as the GME price soars, investors are also swarming to the new Solana meme coin presale Sealana (SEAL), which has garnered over $3 million in funds raised.
According to CryptoBoy, a popular crypto analyst and YouTuber, $SEAL has the potential to surge 100X after launch.
Sealana ICO Blasts Past $3 Million – Best Solana Meme Coin To Buy Now?
Sealana (SEAL) is inspired by a chubby seal who has taken a deep dive into the Solana Sea. Stuck at his PC and growing by the day, the character is so absorbed in the degen market that he has abandoned the gorgeous figure of his youth for a trader’s diet of chips and tuna.
New Meme Crypto ‘Sealana’ Attracts Whales As Solana Price Recovers.
#SolanaMemecoin pic.twitter.com/zqP73U7Mk3— TechStory (@TechStoryin) May 5, 2024
The project is a ”Send SOL” presale with no timer, stages, hard cap, or even a whitepaper. This makes now the best time to buy because the presale could end at any time.
To participate in the presale, you can visit the official website to buy SEAL tokens here. One $SEAL costs $0.022.
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