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- Hogwarts legacy witnessing a logistical malfunction.
- Warzone 2 unsuccess contributed in the fall.
- Stock prices fell by 11% in the intraday session.
GameStop (NYSE: GME) Stock fell by 11%. The fall is attributed to various derailed events, not acting in favor of GameStop. The recent release of Warzone 2 was full of glitches and did not make up for a magnificent player-experience. The gamer community was disappointed by the ill-functioning game and made GME shed by 11%.
On similar grounds, Hogwarts Legacy was scheduled for a 48-hour pre-launch, which did not go as planned. The fans are facing some kind of technical issues regarding the availability of the Hogwarts Legacy Collector’s Edition for PlayStation 5. The gaming influencers pointed out the issue via a Twitter post, but haven’t received any response from the concerned authorities.
Furious Gamers Wait in the Line
After the failure of Warzone 2 and blunder in Hogwarts Legacy Edition, the gamers are filled with bottled rage and may let it out on the scheduled launches. The upcoming launches will have to prepare well, as they bear the responsibility of making up for these oops-situations.
The Atomic Heart, scheduled for Feb 21, PlayStation VR 2 launch for Feb 22, are among a few events that make the gamers skip a beat. March has the release of Resident Evil 4 Remake, and The Last of Us Part 1 to be launched. These can act as correctional events for GameStop to impress the fans.
GME Stock Price Analysis
The GME stock prices have formed another regression channel after breaking out of one formed earlier. The prices witnessed a loss by 11% in the last 24 hours. The price faced resistance near $25.05, and found a spot at $21.22. The current scenario is anti favorable and needs quick remedy.
In light of the current events, the GME holders are hunting for anchors to maintain the bullish influence. The RSI drops to the 50-mark half line, indicating declining buyer interest in the stock. The MACD lines move closer to converge and mark an end to the buyers’ rule.
Conclusion
GME is hard hit by the dysfunction of the major events, specially the Hogwarts logistical malfunction. The stock prices are anticipated to fall further and can recover near the release of the earnings report or any new launch prior to that. The fans have held the hopes high and their disappointment is well reflected in the stock prices. The GME holders must watch out for resistance near $25.05.
Technical levels
Support levels: $15.50 and $12.75
Resistance levels: $25.05 and $29.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
