GameStop Price Tumbles After A Sharp Gain: Can Bulls Make a ComeGameStop Price Tumbles After A Sharp Gain: Can Bulls Make a Comeback?
GameStop crypto price Surged over 170% in the last couple of sessions, however lost over 50% of the gains by the session end, yesterday.
At the time of writing, the GME crypto was exchanging hands close to $0.0153, trying to stabilize near 20 day EMA on a 4 hour chart.
GameStop price witnessed a sharp U turn in its price trajectory yesterday after an explosive bull run in the last couple of sessions. The Solana based meme token saw a steep decline of nearly 54% from its high the previous day, aligning closely with the 20-day Exponential Moving Average (EMA).
Earlier, in the last couple of sessions the price made an impressive rally of over 170% after taking a rebound from the 20 day Exponential moving average on a 4-hour chart. The crypto price surged from $0.011 to a new record high of $0.032.
Despite the recent volatility and the classic pump-and-dump in GME price, the overall trend remains optimistic. The token's price is still significantly higher for the week, indicating a continued bullish sentiment among investors.
Volume Inflow Rises, Despite A Profit Booking
The meme token GME, operating on the Solana blockchain, experienced a value surge of nearly 100% within a single day. At press time it was down 54% from its ATH which was recorded in yesterday's session. Despite this sharp decrease, its current price remains over three times higher than at the start of the week.
Despite witnessing a price drop the Volume inflow has been on the rise as per the coinmarketcap.com. The volume inflow has surged by 22.70% as compared to the previous session and was at $516.381.
It has a live market capitalization of $106.15 Million and ranks at 455th in the overall crypto market. The number of tokens in the circulating supply is 6.88 Billion which is also the total supply.
Can Bulls Make A Comeback Again?
Despite falling half the way from All time highs, the GME crypto price has not invalidated the dynamic support of 50 day EMA and was trying to stabilize above it on a 4-hour chart. It indicates the bulls' presence near the 50 day EMA.
The RSI line retreated from the oversold zone. Also, the both the RSI and SMA line lies above the men line indicating the price still hovers in a bullish territory. At the time of writing, the RSI line was at 50.5 points and that of the SMA line was at 61.18 points.
Now if the price resumes on the higher side after a consolidation, it may indicate a bullish continuation and the price may surge higher. whereas, if the price breaks below the 50 day EMA on a 4-hour chart, it may indicate a bearish reversal.
Conclusion.
GameStop, a Solana-based meme token GME experienced a significant rally, surging over 170% in the last couple of sessions. However, it experienced a sharp 54% drop from its peak and was hovering near the 20-day EMA on a 4-hour chart. Despite All these ups and downs, the week's overall trend is bullish, with volume inflow up by 22.70% and a market cap of $106.15 million.
The intraday price was maintained above the 50-day EMA, suggesting bullish support. Moreover, the RSI and SMA are above the mean line, indicating the price in a bullish territory. Now, If GME crypto price rises post-consolidation, it could signal a bullish continuation, while a drop below the 50-day EMA might suggest a bearish reversal.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
