Join Our Telegram channel to stay up to date on breaking news coverage
The GME price has jumped more than 2% in the last 24 hours to trade at $0.0002873 as of 3:20 a.m. EST on a 46% plunge in trading volume to $990K.
This jump in GME’s price comes after JPMorgan Chase & Co significantly increased its stake in GameStop Corp. (NYSE: GME).
BREAKING🚨 JP Morgan increases stake in GameStop $GME by 48.93% pic.twitter.com/hIyyDhHahA
— X Market News🚨 (@xMarketNews) December 27, 2024
According to an amended 13F-HR filing on Dec. 26, the firm reported owning 774,096 shares as of Sept. 30, valued at $17.75 million. This represents a 48.93% increase from the 519,757 shares disclosed in a previous filing. The current value of JPMorgan’s position has risen to $25.54 million.
Additionally, Keith Gill shared a cryptic image of a wrapped Christmas gift on X, which quickly went viral and garnered millions of views.
— Roaring Kitty (@TheRoaringKitty) December 25, 2024
The post sparked a buying frenzy, driving GME stock prices sharply upward.
Despite this recent surge, Wall Street analysts remain skeptical about the future trajectory of GME stock.
GME Price Signals A Rebound Within A Pennant
The GME/USD market chart on the 4-hour timeframe shows a strong bullish rally, initially driven by a parabolic move indicated by the yellow curve line. This upward momentum propelled the price significantly higher, after which a period of consolidation began, forming a bullish pennant.
This pattern, composed of converging support and resistance lines, is a continuation formation often preceding further upward movement. Following the breakout from this pennant, the price surged upward toward the chart’s “Reward zone,” indicating a measured price target near $0.0004500 based on the pennant’s height.
GMEUSD Analysis Source: Dextools.io
The most critical support level lies around $0.0002500, where the price has repeatedly shown resilience by bouncing back.
This level is reinforced by its proximity to the 50-period Simple Moving Average (SMA), currently at $0.00028471, which acts as dynamic support or resistance depending on the price’s position relative to it. The 200-period SMA, at $0.00022993, remains far below the current price, affirming the overall bullish trend in the market over the longer term.
GME Price Prediction: Bulls Anticipate More Uptrend
The Moving Average Convergence Divergence (MACD) on the 4-hour chart shows a slightly positive histogram, indicating weak bullish momentum. However, the MACD and signal lines are converging, suggesting the need for caution as momentum could shift if buying pressure does not intensify.
On the other hand, the Relative Strength Index (RSI) is currently at 47.73, sitting in neutral territory. This value indicates that the market is neither overbought nor oversold, leaving more opportunity for further GME price movements in either direction.
The chart also marks a potential price target near $0.0004500, which represents the projected height of the bullish pennant breakout. This “Reward zone” serves as an optimistic target for bullish traders, signaling a continuation of the uptrend if momentum sustains.
However, the downside risk lies in a potential failure to hold the $0.0002500 support level. A breakdown below this level could lead to a bearish shift, negating the bullish structure and potentially driving prices lower.
Wall Street Pepe Presale Closes On $37Million – Best Meme Coin To Buy Now?
As the GME price gears up for more bullish momentum, investors are rushing to buy Wall Street Pepe (WEPE), a PEPE-inspired derivative that has already raised over $36.3 million during its presale to make it one of the most successful ICOs of the year.
Crypto analyst and YouTuber ClayBro, with over 133K subscribers, predicts that early WEPE investors could achieve millionaire status once it launches.
The WEPE token aims to revolutionize the market by challenging the dominance of whales and empowering smaller traders to level the playing field.
At the heart of the project lies the rapidly expanding WEPE Army, a community of passionate degen traders and skilled analysts who offer exclusive market insights and expert trade recommendations.
This dynamic community provides its members with the tools and knowledge necessary to compete effectively with secretive whale investors and other industry professionals. Investors can join the WEPE Army by purchasing WEPE tokens at a price of $0.0003657 using cryptocurrency or bank cards.
Token holders gain access to the community’s lucrative trade strategies and can also benefit from the platform’s staking feature to maximize their investments.
Logging in to say Merry Christmas to the frog army. Lets get it. 🐸 ⚔️ pic.twitter.com/NDLuJAPsQv
— Wall Street Pepe (@WEPEToken) December 25, 2024
Currently, staking offers an impressive 35% annual percentage yield (APY), allowing investors to earn substantial returns while preparing for their next move.
WEPE has drawn comparisons to Pepe Unchained (PEPU) as well, which raised almost $74 million in its presale and went parabolic after launch. However, WEPE is already outpacing PEPU in terms of funds raised and is on track to become the leading presale of 2024. Investors interested in WEPE should act quickly, as a price increase is due in about 4 hours.
Related Articles:
- Pepe Coin Struggles While Wall Street Pepe Smashes $36M
- Solaxy (SOLX) Presale Closes On $6 Million In Just 12 Days
- New Crypto Meme Index Launches Presale For MEMEX Token
Newest Meme Coin ICO - Wall Street Pepe
- Audited By Coinsult
- Early Access Presale Round
- Private Trading Alpha For $WEPE Army
- Staking Pool - High Dynamic APY
Join Our Telegram channel to stay up to date on breaking news coverage
