The GameStop (GME) Saga Continues, Pumped Over 120% Intraday

• Backed by investor interest, GME crypto experienced a massive surge over 550% this week.
• GameStop (GME) memecoin has made a new ATH mark of $0.03207 in the last hours.

The Solana based memecoin, GameStop (GME) triggered a massive up move and pumped over 500% in the last 48 hrs. 

On Friday, Keith Gill, also known as “Roaring Kitty” plans to appear for the first time after three years of break, scheduled a livestream on Youtube on June 7,2024.

After this announcement, a sharp bullish wave was triggered, which led to pump GME price towards its ATH mark.

At press time, the GameStop (GME) price traded at $0.02463 with a massive intraday surge of 94.36%, reflecting bullishness on the charts. Its trading volume surged over 413.19% to $302.30 Million, revealing investor speculation.

Could GameStop (GME) Continue to Blow Gains Ahead?

Amidst a massive surge over 500% this week, the price action signifies only a sign of  recovery and signals that the memecoin might cool off the impulse soon.

Fueled by the investor speculative move, the memecoin might witness a significant profit booking after this sharp surge. 

The shorts were squeezed massively, its short term holders are eyeing to secure the gains, which might trigger the GME price to retrace ahead.

Source: Santiment

The GameStop (GME) memecoin unveiled a rounding shape of recovery from its ATL (All-Time-Low) mark of $0.0004008 and sharply recovered over 5000% of gains in the last weeks.

Ranked at 308 per the market capitalization, GME crypto has a total supply value of 6.90 billion and has a market cap of $170.19 Million.

Sharp Surge in Volatility, Sentiments Remained Flat

Despite a massive uplift over 120% intraday, the weighted sentiment data still remained flat and guided fear among the long term holders.

Notably, the price volatility spiked over 78% to 0.31 mark, implying massive investor speculation. @unusual whales highlgihted that GME price experienced a massive surge this week.

If an investor put $460 in, he would make $2810 in a few hours at the peak today.

Look at this.

Unusual Whales noted the GameStop, $GME, $20 calls expiring June 21st on May 20th being filled at $4.60.

Now, they valued at a high of today at $28.10, a $510% gain.

If you put $460 in, you'd make $2810 at peak today.

Follow on Unusual Whales for more plays. pic.twitter.com/4jP9grfUBG

— unusual_whales (@unusual_whales) June 6, 2024

Source: X

The immediate support levels for the GME memecoin are $0.02300 and $0.02100 whereas the key upside hurdle is around $0.0300, followed by $0.03400.

The Relative Strength Index (RSI) curve skyrockets to the overbought zone, noted at 82, while the MACD indicator displays a bullish crossover on the charts.

Per the Fibonacci extension tool, the GME price has still upside visible upto $0.04000, while it has decisively crossed the 78.3% hurdle and might sustain gains in the blue sky zone ahead.

What’s Next for GME After a Massive Surge?

The GameStop (GME) price soared over 500% this week and made a new ATH mark this week. However, the memecoin looks overbought and the price action suggests a possible profit booking may be seen ahead.

Disclaimer

This article is for informational purposes only and provides no 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.