GameStop Price Prediction: GME Soars 142%, As Roaring Kitty Updates His GameStop Position
The GameStop price has surged 142% in the past 24 hours to trade at $0.0293 as of 4:43 am EST, on trading volume that surged 274% to $293 million.
The recent spike comes as Keith Gill, alias Roaring Kitty, updated his GameStop position, now worth over $586 million.
Further, Roaring Kitty has announced the departure of his YouTube livestream after 3 years, which will commence on Friday at 12 p.m. ET.
The return of ‘’DeepFuckinValue’’ has caused quite a stir, as the Gamestop price rally has been unstoppable, with over 200% gains in the last month. On May 10th, they were trading at $17.46. By May 14th, they had surged to $55.69, only to retrace those gains shortly after.
Related: Roaring Kitty Price Prediction: KITTY Spikes 59% Amid Reddit Keith Gill Post
Roaring Kitty Vs Citron Research Founder Andrew Left, Who Will Win?
However, it seems we might have a tussle between the retail investors and hedge funds as it occurred in 2021. This comes as Citron Research founder Andrew Left announced that he is shorting GameStop shares again, claiming the stock is highly overvalued despite its recent mega rise. In an interview with Bloomberg, Left said,’’ I have covered my short from May, and then re-covered it today.’’
BREAKING: Andrew Left, the founder of Citron Research, has placed another new bet against the GameStop, $GME, today per Bloomberg.
In May, Left also announced a short position in the company’s shares.
He said “I have covered my short from May and then re-shorted today”
— unusual_whales (@unusual_whales) June 3, 2024
Notably, Left has given his views on Roaring Kitty’s massive positions in the market, saying,’’ he might as well be a hedge fund manager.’’
Kitty’s journey with Gamestop is nothing but legendary. On June 3, GME closed at $28, valuing Gill’s stake at $476 million. At its recent peak of $64.83, his stake would have been over $1.1 billion. This has drawn alot of attention from various people, including investors.
The popular investor Anthony Pompliano has taken to his X account, noting that ‘’ Roaring Kitty potentially becomes a billionaire tomorrow if Gamestop hits $69 a share.’’
Roaring Kitty potentially becomes a billionaire tomorrow if GameStop hits $69 a share.
If that wasn’t crazy enough, he’ll be live-streaming it.
From blowing up billionaire’s funds to becoming one himself.
Insane.
— Pomp 🌪 (@APompliano) June 6, 2024
GameStop Price Prediction
The Gamestop price trades with a bullish bias, supported by a buying frenzy. With this breakout, it recorded a new peak of $0.031.
The technical indicators are signalling bullish signs, with price trading above the 50-day Simple Moving Average (SMA), which confines to the upward trend, reinforcing the positive market sentiment.
Furthermore, the evidence of the buying pressure is in the higher lows on the Relative Strength Index (RSI), suggesting strong and growing buying pressure. Currently, the RSI sits at 76, an overbought region, indicating that the buyers have the upper hand.
The Moving Average Convergence Divergence (MACD) is also well above the orange band of the signal line, reinforcing the bullish thesis.
Bottom Line
Currently, all factors favour Gamestop, and the technical indicators are all bullish. If the upward trend continues, the Gamestop price could climb even higher, potentially reaching a new high of $0.035.
Conversely, if the bears take over the market and seller momentum develops, the Gamestop price might retrace to a correction. Given that Gamestop is already in the overbought region, it could pull back anytime.
Based on Welles Wilder’s interpretation of the RSI, an asset is only ripe for selling once the RSI crosses below the 70 threshold.
Until then, traders may consider leaving their orders open, save for those looking to take new positions on Gamestop.
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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.
Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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