GME Price Advances By 235%; What’s Driving This Crypto To Highs?

• The GME crypto price is trading 3100% above its all-time low price.
• GameStop crypto’s price volatility is extremely high.

Keith Gill is also known as Roaring Kitty on social media platforms. Moreover, his social media posts led to a more than 200% surge in the GameStop coin price. 

The surge in the trading price of the crypto occurred following a strong surge in the trading volume, advancing by more than $110M, as per cryptonewbtg.org.

Gamestop crypto’s trading volume has advanced by 1140% in the last 24 hours from the time of writing. It shows how strong trader engagement is in crypto and the strong influence of Roaring Kitty. 

At the time of writing, the market cap value of the crypto is $102.331M, and the market cap ranking of the crypto is #504, as per CoinMarketCap. Also, crypto’s volume/market cap ratio is 232.7%, which shows huge liquidity.

Currently, the crypto volatility is 79.45%, which is extremely high, and its price is still down by 39.8% from the all-time high price.

GME Crypto Technical Analysis

The price of the GME crypto has advanced by 300% in just one day and is trading at a level of $0.015 at press time. 

GME crypto’s trading price was taking a pause at the lower levels, which led to the formation of a descending triangle pattern. The crypto price further broke out above the pattern on the 03rd of June 2024.

The breakout led to a strong surge in the trading price of the crypto, followed by an advance in the trading volume. A strong, bullish candle led that breakout. It shows the probability of a higher surge in the trading price of the crypto.

GME/USD Chart by TradingView

The GME crypto price has advanced above the 50-day EMA on the daily chart. It also broke above the Bollinger Band, showing a solid breakout from the consolidation phase.

The MACD and the signal line are trading in a golden crossover and have sustained above the zero level. It shows that the price is trading in a bullish trajectory.

The RSI has also advanced to the overbought zone by breaking above the 14-day SMA. That shows a solid rise in the momentum of the crypto. 

Summary

GameStop (GME) crypto surged by 235%, driven by social media influence from Keith Gill, aka Roaring Kitty, and an 1140% increase in trading volume.

The market cap reached $102.331M, ranking #504. Technical indicators show bullish momentum, with the price breaking above key resistance levels and forming a solid uptrend, indicating potential for further gains.

Following the solid bullish momentum, the GME crypto price might face resistance at $0.0240 and $0.050 levels, and its support levels are $0.000460 and $0.00340.

Disclaimer

This article is for informational purposes only and does not provide any 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.