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- Gamestop has said recently that their last quarter has seen a decline and may see an upside in next quarter.
- Technical indicators of GME are supporting the bulls. It is currently trading near the value of $18
GameStop is a video game retailer that was founded in 1994 in Fort Worth, Texas. The company has since grown to become one of the largest retailers of video games in the world, with over 6,000 stores in 14 countries.GameStop primarily sells new and pre-owned video games, consoles, and accessories, but the company also offers other products such as board games, collectibles, and gaming-themed merchandise. In addition to its physical stores, the company operates an online store and offers services such as trade-ins and repair services for gaming hardware.One of the unique aspects of GameStop is its loyalty program, known as PowerUp Rewards. Members of this program can earn points by making purchases at GameStop and can then redeem those points for discounts on future purchases or for other perks such as early access to special offers and events.
Despite its success, GameStop has faced a number of challenges in recent years. The rise of digital downloads and streaming services has led to a decline in the demand for physical copies of video games, and the COVID-19 pandemic has further impacted the company’s sales. GameStop has also faced criticism for its business practices, including the sale of used games at full price and its handling of trade-ins.
GME Stock Price Ready For An Upside
The downside trend of GME stock price has seen a downside trend from the past few months. The weekly technical chart of Gamestop suggests a consolidated trend in price. On coming to the daily chart the asset price is trading near $18.4 with a gain of over 0.71%. It is still far away from its 52 week high. It may see a halt on the upside near $25. Meanwhile the support of the asset price can be seen near $15. GME may see a strong rise in the next quarter. It is currently trading below the 50 and 100 DMA. If it observes a positive crossover then a strong upside trend can be seen in future.
Conclusion
GME declining streak might be coming to an end. There is a brief consolidation in price which can convert to an upside move. Gamestop stock may observe an upside in near future.
Technical Levels
Major Support:$15
Major Resistance:$25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
