Is It Too Late To Buy GameStop? GSTOP Price Surges 46% Amid Market Optimism, And It Might Be The Next Crypto To Explode

The GameStop price has surged 46% in the past 24 hours to trade at $0.004051, on a 207% surge in trading volume to $10.28 million.

The recent surge is linked to GameStop’s (a newly launched token not to be confused with GME) direct message to Roaring Kitty, Keith Gill, seeking his endorsement last month. Gill is famous for his role in the GameStop stock saga of early 2021, where his bullish analysis on YouTube and Reddit spurred retail investor interest and caused a significant price increase. 

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We sent @TheRoaringKitty direct messages earlier. 😏
It will be worth it, if he reads it, there is a good chance that he will support our $GSTOP on $ETH.
Be patient and soon we will be the largest #GameStop token in crypto! 🚀🚀🚀#GSTOP #GME $GME #ETH #roaringkittyisback pic.twitter.com/SWhBMbVFyA

— GameStop | On ETH 🎮 (@ETHGameStop) May 26, 2024

Despite the attention, Gill’s response to GameStop’s message is awaited, prompting some GSTOP token holders to continue adding more to their portfolio in anticipation for Fear of missing out(FOMO). 

MEMES coins with top gains in the last 24 hours #NOTCOİN#GSTOP #DOG #BRETT pic.twitter.com/MTzxXPliQz

— Cryptowizard101 (@realwizard101) June 2, 2024

TheGameStop Price Aiming for New All-Time High Above Falling Channel

The GameStop price is trading with a falling channel pattern. However, the Bulls indicated a bounce back despite the 67% correction.

GSTOPUSDT Source: Tradingview

The GSTOP price reveals that the Relative Strength Index (RSI) is above the 50 midline level, indicating ongoing bullish momentum in the GSTOP market. 

Additionally, the price trades above the 50 and 200 simple moving averages, supporting the GameStop price. If momentum continues, the price could break above the falling channel at $0.004287.

The Moving Average Convergence Divergence (MACD) also trends upwards, with the blueline crossing the orange signal line, indicating bullish sentiment in the GSTOP market. Moreover, the fact that the MACD histogram is in positive territory further supports the bullish outlook.

For traders considering long positions on GME, waiting for the GameStop price to achieve a stable candlestick close above the falling channel at $0.004334. 

Can The GameStop Price Hit $0.01 Soon?

GSTOP has been trending upward in the past week, rising from $0.002493 to $0.004204. The next challenge would be surpassing the psychological level of $0.004204. A decisive close above this hurdle would attract more bullish activity. Subsequent buying pressure could propel the GameStop price to reclaim the high range around $0.005821.

Since its launch, GameStop has experienced a remarkable surge of over 204%%, signalling positive investor sentiment and impressive market performance. 

Recently, Robinhood appears to be nearing a resolution with investors who filed a lawsuit against the platform over its handling of meme stocks like GameStop. The lawsuit, set for dismissal in two weeks, is heading towards a settlement between Robinhood and the affected investors. 

This news coincides with a notable uptick in Robinhood’s stock (HOOD) following the announcement. As per a filing submitted to the Florida Southern District Court on May 28, 2024, Robinhood’s legal team has indicated progress in negotiating with the investors involved. If this goes through, it could propel the GSTOP price higher, with a focus on $0.01.

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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.

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