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- Financial analysts from an esteemed organization believe that GameStop Stock price may rally and reach $40 by mid 2023.
- GME stock price has been slipping from Tuesday and now it may rebound by the start of Monday’s trading session.
- GME stock price (NYSE: GME) might get support on the current price of $19.27 and the share price might start rallying towards $40 resistance.
The GME Stock price of GameStop Corporation may attempt to climb towards the $40.00 mark given the potential for growth in 2023. However, GME stock price went through an interesting roller coaster ride inside the declining pattern of December 2022. Nevertheless, GME share price managed to gather support from the lowest level of $16 and started recovering from January. Meanwhile, sellers have been raiding the GME share price since last week as the stock price failed to sustain at $23 resistance level.
In order to stop the current decline in momentum over the daily time frame chart, buyers must support GameStop Corporation’s GME shares. Given that GameStop Corp. is the biggest video game retailer globally, individual investors continue to have faith in GME shares. Owners of GME stock must wait until the share price maintains its present level before trying to stop the current negative trend visible on the daily time frame chart.
By the end of Friday’s trading session, the GME share price had dropped to $19.27 and its market capitalization had decreased by almost 2.03%. Sellers have been working nonstop to raid GME stock in an effort to drive the share price down.
Since Tuesday, the GME stock price has been falling, although it may find support before Monday’s opening. The volume change, which is currently below normal, must increase in favor of bulls for GME shares to trade above $20.00. But the price of GME’s stock has fallen below the 20, 50, 100, and 200-day DMAs.
GME stock price (NYSE: GME) has declined by about 12.45% over the past week and by 22.24% over the past month. When discussing the recovery of the GME share price, the share price has increased by 5.94% in a month and has gained 3.38% year to date. Many analysts predict that the GME stock may have a difficult start to 2023, but that it may then skyrocket and reach a high of $40.
Fib Retracement Confirms the GME Stock Price’s $40 Valuation
GME stock price has been sinking for a while now and has been doing so through a unique descending pattern on the daily time frame chart. Fib retracement, however, shows some excellent levels that the GME stock will reach soon.
If the GME stock price crosses the $40 resistance level in the middle of 2023 and continues to rise at high throttle, Fib retracement reveals that it can be valued at around $65 by the end of 2023. $30, $45, $65 and $85 are some other levels using Fib retracement that are noteworthy. Last but not least, Fib Retracement suggests that the price of GME stock (NYSE: GME) may rise to its all-time high of $120 if it keeps recovering after reaching the $40 resistance level in the middle of 2023.
Rebound Expected of GME Stocks – Technical Indicators
Following a test of the main resistance level of $23.77 on the daily time frame chart, the GME stock price has been falling. The GME share price appears to be oversold, according to technical indicators.
GME share price is in a decline, as seen by the relative strength index. At 43, the RSI was attempting to return to neutrality. The MACD shows the share price of GME is dropping. After negative crossover, the MACD line is lower than the signal line. Investors in GME must wait until the RSI crosses back over the oversold area when the GME share price finds support at the $19 level.
Summary
GME Stock price has been slipping after getting rejected from the primary resistance level and the share price might start its rebound on Monday. Meanwhile, GME share price might rally till $40 by mid 2023 says analysts and they have also provided some legit statements about the shares recovery. Fib retracement also confirms that GME shares might reach the heights of maximum recovery by reaching its all time high at $120. The GME share price appears to be oversold, according to technical indicators. Rebound is being expected by GME investors also as market sentiments claim the start of the recovery phase for GME share price.
Technical Levels
Support Levels: $19.00 and $18.00
Resistance Levels: $23.00 and $30.00
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.
