GME Price Has Surged by 800% in First Week of June; What’s Next?

• Since May, the GameStop price has surged by 3689%.
• The GME crypto price has declined by 54% in the last 20 hours.
• GameStop crypto ranks 27th in terms of trading volume.

GME crypto is a memecoin paying tribute to the 2021 short squeeze of GaneStop, which is based on Solana. 

The GameStop price has increased wildly this month, reaching an all-time high of $0.0325 on June 07, 2024. After a massive pump of around 800%, the GME crypto price has dropped by more than 50% in the past 20 hours.

In mid-May, the GameStop price surged by 3000% in just 2 days, but profit booking was immediately observed. The bearish momentum was halted near the $0.00350 level in mid-May.

On June 03, the GME price jumped by 300%, reaching the last swing high. The price triggered a pullback and displayed buying momentum of around 200% in 2 days.

When writing, the GameStop price traded at $0.0155 with a neutral momentum in the past 24 hours. The market capitalization is $106.33 Million, and the 24-hour trading volume is $461.93 Million.

Volume Surged by 600%; Let’s See

The graph suggests that the trading volume has increased by 600% in the last 48 hours, which has positively impacted the price. In the past few hours, the trading volume has dropped by 30%, and the GME crypto price has melted by 50%. The massive rise in volume may help the price to record a new all-time high.

Technical Analysis of GME Over 4-H Timeframe

In a 4-H time frame, the GME crypto price has dumped after a massive pump. According to the chart structure, the price has been rising by taking support on the trendline. Currently, the price has dropped to the trendline and halted.

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At the time of writing, the digital asset price struggled to exceed the 20-day exponential moving average. A strong buying pressure can be seen if the price surpasses the 20-day EMA.

On the other hand, if the GameStop price starts trading below the trendline, sellers might drag down the price to the 200-day EMA. Assuming the price slips below the 200-day EMA, it may record a new all-time low.

According to the technical indicators, the RSI has generated a death crossover with an RSI-based moving average heading toward the oversold zone. 

A Massive Gain of 52x in 4 Months

As the price of $GME rises, this diamond hand has made more than $2.8M on $GME, a gain of 52x!

He spent only $53.5K to buy 90.23M $GME on Jan 29 and Apr 3, then held it until now, which is currently worth $2.86M!https://t.co/NBZbSXiZLr pic.twitter.com/f7QFhvZukq

— Lookonchain (@lookonchain) June 7, 2024

Based on a source on X, a trader has converted $53.5K to $2.86 Million in GME crypto in just 4 months, which is 52x of his capital. He initiated his buying position on Jan 29 and April 03. His open positions of 90.23 million GME are still running in GameStop crypto.

Conclusion

The GameStop price has witnessed a massive pump and dump in the past 48 hours. The digital asset price has surged by more than 3600% this week and has dropped by 50% in the past 20 hours. 

The price has been rising by taking support on the 4-H time frame and currently dropped back to the trendline. RSI has developed a death crossover with an RSI-based moving average.

Technical Levels

GameStop price may face resistance from the $0.0170 and $0.0290 levels if it gains bullish momentum. GME price is expected to take support on the $0.00800 and $0.00300 mark.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.