- 1 GameStop crypto price Surged over 170% in the last couple of sessions but lost over 50% of the gains by the session’s end yesterday.
- 2 When writing, the GME crypto was exchanging hands close to $0.0153, trying to stabilize near the 20-day EMA on a 4-hour chart.
The 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, which aligns closely with the 20-day Exponential Moving Average (EMA).
In the last couple of sessions, the price made an impressive rally of over 170% after rebounding 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 day. It was down 54% from its ATH at press time, 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 coinmarketcap.com. The volume inflow surged by 22.70% compared to the previous session, which was $516.381 million.
It has a live market capitalization of $106.15 Million and ranks 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 halfway from All-time highs, the GME crypto price has not invalidated the dynamic support of the 50-day EMA, and it 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 RSI and SMA line lie above the mean line, indicating the price still hovers in 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.
If the price resumes on the higher side after 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, 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 is in bullish territory. 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.
