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- According to the volume, GME ranks 22nd in the cryptocurrency market.
- A golden crossover has been generated between the RSI and RSI-based moving averages.
The chart structure displays that the GME crypto price has taken support on the 100-day exponential moving average and jumped by 350% in an intraday trading session. The price has had difficulties sustaining over the $0.0150 mark in the last few hours.
On May 13, 2024, the GME crypto price surged by 1300% in a day and extended to the $0.0200 hurdle. However, the digital asset price failed to sustain itself, and most investors preferred to book profit, leading to strong selling pressure.
When writing, the GameStop price traded at $0.0129 with a fully diluted market cap of $89.09 Million. The market capitalization is $89.07 Million, and the 24-hour trading volume is $363.42 Million.
Volume Has Jumped by 2000% in a Day; What’s Going on in the GME Crypto?
Based on the given data, the trading volume has increased by more than 2000% in the past 24 hours. The huge change in trading volume has helped the GME price to gain 350% in the past 24 hours. Stability in trading volume at the peak may lead to a strong bullish momentum ahead.
GME Has Exceeded the Stablecoin USDT in 24-Hour Onchain Volume
NEW: SOLANA MEMECOIN $GME (@gmecoinsol) FLIPS STABLECOIN $USDT (ON SOLANA) IN 24H ONCHAIN VOLUME pic.twitter.com/KyiIPB1GDy
— DEGEN NEWS ️ (@DegenerateNews) June 3, 2024
According to a source on X, the GME has surpassed the USDT stablecoin in terms of the on-chain volume. GME is a Solana memecoin, ranking 22nd in the cryptocurrency market according to trading volume. The Onchain volume has surged by 2394% to $172.47 Million in the past 24 hours.
GME Price Extended to Last Swing High: Breakout or Profit Booking?
GameStop crypto price has reached the last swing high and faces resistance from the $0.0150 hurdle. The digital asset price has struggled between the 20-day and 100-day EMA in the previous few days. The GME price triggered a breakout from the 100-day EMA 2 days ago with the rise in trading volume and extended to the last swing high.
Trading volume stability may lead to a breakout from the $0.0150. Suppose the GME price triggers a breakout from the significant resistance level of $0.0150 and various matrices support; it may record a new all-time high.
Alternatively, the GME price is near the major resistance level, forming a negative candlestick. The negative candlestick at this point may create fear in buyers, and profit booking can be expected.
Historically, the GameStop price has faced resistance from the $0.0150 hurdle twice. Currently, the GME price has reached the same level and is reacting negatively. If the trading volume and other matrices don’t support it, it may repeat history.
Turning to the technical indicators, the GME crypto price traded over the key moving averages at press time. The RSI is 68 and has generated a bullish crossover. The technical indicators are essentially favoring strong buying momentum.
Conclusion
The chart structure shows that the GME price has been in a strong bullish trend. GameStop’s price is near the major resistance level and facing resistance. The trading volume has surged by more than 2000% and flipped the stablecoin USDT in 24-hour on-chain volume. Most of the technical indicators are in favor of bullish forecasts.
Technical Levels
The GME chart demonstrates that the price is expected to face resistance from the $0.0150 and $0.0200 levels. If the bears dominate, the price may take support on the $0.0080 and $0.0035 marks.
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.
