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The GameStop price surged 25% in the last 24 hours to trade at $0.004810 as of 07:36 a.m. EST on trading volume that skyrocketed 156% to $17 million, according to CoinGecko.
GameStop Price On A Bullish Trend Reversal
According to the GME/USDT chart analysis on the 4-hour timeframe, the GameStop price has been on a notable downtrend from mid-October, as the bears took charge of the price within the $0.00530 resistance. GME has been trading within a falling channel pattern, recording lower lows and lower highs.
In the last three days, the price of GameStop has been on a bullish trend reversal, with the bulls pushing the price above the upper boundary of the falling channel.
The bulls aim to push the price further, with the GameStop price now trading above both the 50-day and 200-day Simple Moving Averages (SMAs), which supports the bullish sentiments.
Furthermore, the Relative Strength Index (RSI) also supports the bullish prospects, as the RSI crosses the 70-overbought region, currently at 71, showing that GME price is under intense buying pressure.
The Stochastic Oscillator 14 3 3 line (green) also crosses above the orange trigger line, which forms a bullish moving average crossover.
GMEUSDT Chart Analysis (Source: Tradingview)
GameStop Price Prediction
The GameStop price analysis shows that the asset is now on a sustained bullish reversal over the falling channel pattern. GME price bulls are aiming at pushing the price even further, as they aim for the projected 45.97% rise to $0.0070.
Conversely, the asset could be preparing for a slight retrace, with the RSI showing that GME is overvalued. In this scenario, the GameStop price may drop, with the 50-day SMA acting as the immediate support level at $0.003812.
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