GameStop Price Prediction: GME Goes Ballistic With 210% After Roaring Kitty Unveils $140 Million Stake
The Gamestop price has skyrocketed 210% in the last 24 hours to trade at $0.0129, on a 1105% surge in trading volume to $217 million.
GME has also surged 277% in the past week and 2211% in the past month, contributing to its market capitalization to $88 million.
Gamestop Price Surges on Roaring Kitty $140 Million Stake
The GME price surge comes after Keith Gill, also known as “Roaring Kitty,” revealed that he’s holding over $140 million worth of GME stock and call options, which stirred attention. Gill, the trader widely recognized for his role in the 2021 GME short squeeze, made his first Reddit post since April 2021 under his “DeepFuckingValue” account on June 2.
Additionally, a screenshot was shared indicating the purchase of 5 million GME shares for $115.7 million and an investment of $65.7 million in call options, with the bet placed on GME reaching at least $20 per share by June 21.
Gill also posted a mysterious green UNO reverse card to X, adding to a string of enigmatic posts and memes he’s been sharing since his unexpected comeback in May.
— Roaring Kitty (@TheRoaringKitty) June 3, 2024
Some view Gill as the central figure in the GameStop saga during the COVID-19 pandemic. This saga saw Reddit traders turning the tables on hedge funds profiting from shorting the struggling brick-and-mortar game store.
BREAKING: Roaring Kitty has finally posted on Reddit after 3 years.
He has $65M worth of $GME Gamestop calls with a $21 strike expiring in 19 days…
He also has $115M of shares, making his total position close to $200M in Gamestop.
Oh. My. Goodness. pic.twitter.com/yV5AWBZMnX
— amit (@amitisinvesting) June 3, 2024
GameStop Price Soars on a Strong Anchor Support
GME price has been in a tight range for a while and has settled nicely at the $0.003993 support zone. This support has boosted the bulls, pushing the price to reach the $0.01621 high.
GMEUSDT Source: Tradingview
Despite a recent downturn in bearish activity, bullish investors are preparing to push the price of GME beyond the $0.01621 mark, signalling a potential continuation of the upward trend.
The price is currently trading above the 50 and 200 simple moving averages (SMA), which supports GME’s upward momentum and strengthens the overall bullish sentiment in the market. Additionally, the MACD line is above the signal line, and the green histogram highlights increased investor interest. This alignment points to a strong bullish trend, with the MACD indicators showing positive momentum. Furthermore, the Relative Strength Index (RSI) has rebounded from the midpoint of 50 to the overbought level of 70, indicating intense buying pressure.
GameStop Price Bulls May Continue The Uptrend To a New High
If GME continues its upward trend, it could rally back to the resistance level at $0.01621. This sustained rise suggests that in the coming weeks, GME has the potential to reach a new high at $0.02241, signaling a significant recovery in its market value.
On the other hand, if GME struggles to break through this critical resistance, it could face increased selling pressure. In that case, the $0.008812 level becomes a key support to watch.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Charles Kibue
Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.
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