GameStop Price Prediction: GME Plunges 28% As This New DOGE Derivative Goes Parabolic As It Raises $2 Million.

adminJune 5, 2024

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GameStop’s price has fallen 28% over the past 24 hours, trading at $0.009106 as of 0:40 a.m. ET, with trading volume down 72%.

Traders are cashing in on profits made on June 3 after Keith Gill, nicknamed Roaring Kitty, shared a post on social media platform Reddit revealing that he owned $180 million worth of GME stock and call options. .

The show of faith in GameStop led the market to bet on a rally spreading into Roaring Kitty (KITTY), GME, and GSTOP tokens.

pic.twitter.com/zUuccrKWZr
— Roaring Kitty (@TheRoaringKitty) June 3, 2024

Amid ongoing profit booking, GME short volume has surged to levels last seen in 2021.

$GME Short selling volume (blue) has not been this high since the 21′ sneeze.
What does this chart look like? https://t.co/gcfV1Z2wAW pic.twitter.com/ByzpMn6Ow0
— 🏴‍☠️ u/welp007 🥊 (@welp007) June 5, 2024

Meanwhile, there are reports that Keith Gill could face punishment for stock manipulation for his GameStop trading.

This is crazy.
Roaring Kitty, also known as DeepFuckingValue, could face punishment for stock manipulation charges against GameStop. $GMEtransaction.
But members of Congress have been doing the same thing for years and none of them have ever been investigated.
Let this make sense. pic.twitter.com/tAzyOghg7h
— Insider Trackers (@TrackInsiders_) June 4, 2024

GameStop price prediction

GameStop price is trading with a bearish bias on an hourly basis. As it remains within the confines of the descending parallel channel, losses are bound to be magnified. The decline almost erased the nearly 200% gain that occurred on June 3rd.

Based on the volume profile, red nodes indicate strong bearish sentiment in the GME market. Additionally, the Relative Strength Index (RSI) continues to hit lower highs, indicating declining momentum. The position of the Moving Average Convergence Divergence (MACD) below the orange band of the signal line highlights this outlook.

Why GameStop Price RSI and MACD Suggest a Potential Bearish Trend in GME Markets

An RSI of 35 suggests the market is approaching oversold conditions, indicating potential selling pressure. The fact that the price is hitting lower highs could mean that buying momentum has waned.

MACD being below its signal line and in negative territory also suggests bearish sentiment in the market. This indicator compares two moving averages to identify changes in momentum. A negative value indicates that the short-term moving average is below the long-term moving average.

If selling pressure intensifies, the GameStop price could break above the June 3 rally and fall below $0.007844. In severe cases, an altcoin may test the lower boundary of the channel or, in worse cases, slide below it with losses widening.

GameStop price

GeckoTerminal: GME/USD 1-hour chart

On the other hand, if the GME bull market recovers, GameStop price could recover as well. Strong movement above the upper boundary of the channel is ideal. However, the bearish theory will only be invalidated once GameStop price closes above the 50% Fibonacci placeholder $0.018384.

In a very bullish case, GameStop price could extend its gains to reclaim the $0.028925 range high.

As GME dumps, new DogePlay (PLAY) presales are attracting investors due to the potential for parabolic profits.

In just over a week, the amount raised has already surpassed $2.1 million, and cryptocurrency YouTuber Jacob Bury says it could be the next 10X cryptocurrency.

A promising alternative to GameStop

PLAY is a powerful token for the PlayDoge ecosystem, a project that advertises itself as the best Play-to-Earn (P2E) DOGE companion game. A mobile-based peer-to-peer game, this project transforms the iconic Doge meme into a Tamagotchi-style virtual pet.

introduction #playdoji – the only #P2E The governor’s companion! 🐾
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join #Ticketing Now ⬇️https://t.co/JT0VEofqf2 pic.twitter.com/RoJYXLS1FH
— PlayDoge (@PlayDogeGame) June 3, 2024

PlayDoge brings the legendary Tamagotchi virtual pet concept to the new digital economy of cryptocurrency. Ecosystem participants play through a classic 8-bit side-scrolling adventure while embracing 90s nostalgia to earn cryptocurrency. You may enjoy financial incentives based on how well you care for your pet.

Keep your Doge happy and eat it up. $PLAY token! 🐾💰
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Follow PlayDoge’s lead. #Ticketing #playdoji #memecoin #BNB pic.twitter.com/w5HeXnQY0E
— PlayDoge (@PlayDogeGame) June 4, 2024

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Features: $PLAY is the default in-game currency for trading and accessing special features.
Acquisition Mechanism: $PLAY can be earned by interacting with pets and performing well in adventure games.
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Take action early with us #Ticketing start! 🚀#playdoji with gamers #Cryptocurrency People who love taking a trip down memory lane. 💭
Get your tokens now! $PLAY
#P2E #memecoin #BNB pic.twitter.com/BBUtS3eFqV
— PlayDoge (@PlayDogeGame) June 4, 2024

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The price of PLAY token is $0.00503. If you are interested in investing, do so quickly as the price increase is expected in a little over two days.

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