GME stock price might initiate its recovery phase from lower level and might rally during 2023, says analysts. GME share price must maintain the upside trend in order to recover maximum during the rally in 2023. However, the accumulation rate of buyers needs to be increased for GME shares to surge with strong uptrend over the daily time frame chart.
GME stock price had an interesting roller-coaster ride over the daily time frame chart. GME shares at first declined from the $47.88 level in August 2022 and consolidated during September 2022 within the price range of $23.83 and $27.87 over the daily time frame chart. After that GME stock price dropped from the consolidation phase through a declining parallel channel and fell till the lowest level of $15.55.
Meanwhile, GME share price managed to gather support in January 2023 and surged till $23.77 in February 2023 but couldn’t sustain and got dropped again till the lowest level $15.60. GME stock price managed to gather support and is now ready to surge with a strong recovery rally of 2023 according to the analysts from an esteemed financial organization.
GME stock price was at $16.85 and has gained 1.51% of its market capitalization during the day’s trading session. However, trading volume is still below average and needs to grow during the intraday trading session. This demonstrates that buyers’ accumulation rate must be increased for GME shares to surpass the primary resistance level.
GameStop Corp. investors have been waiting for the recovery of GME stock price from the lower levels. Analysts speculate that the investors’ wait is over as GME share price might initiate its recovery rally of 2023.
Moreover, GME share price has gained around 2.00% in a week this signifies that GME shares might recover maximum as soon as it enters the recovery phase over the daily time frame chart.
GME Stock Price Roadmap to $50 – Interesting Levels by Fin Retracement
GME stock price had an interesting roller-coaster ride as we have discussed earlier and its crucial levels from where it got dropped and from where it got support to recover back. Meanwhile, Fib retracement highlights some interesting levels to be attained by GME share price during its recovery rally in 2023.
GME share price might recover towards the level of $50 through the recovery rally of 2023, added analysts in their report. However, GME share price must sustain above some resistance levels to reach the $50 final milestone.
At first GME stock price must sustain above $19.50 primary resistance level in order to remain in the recovery rally of 2023. Afterwards, GME share price might move forward for the second milestone at $23.76 as highlighted by Fib retracement. If GME shares successfully sustains above the second milestone then it might surge towards the $32.93 milestone after breaking out from the $28.83 resistance level.
After that GME stock price might reach the $50 final milestone by mid 2023, through the remaining $37.03 and $42.87 crucial resistance levels over the daily time frame chart as indicated by fib retracement.
If everything goes according to the plan then GME share price might witness its maximum recovery during 2023, added analysts.
GameStop Corp. (NYSE: GME) – Technical Indications
Technical indicators suggest the upside trend of GME stock price over the daily time frame chart. Relative strength index showcases the upward velocity of GME shares. RSI was at 38 and is heading towards neutrality.
MACD exhibits the recovery momentum of GME share price. The MACD line is moving towards the signal line for a positive crossover. Investors in GameStop Corp. stocks might witness the maximum recovery of GME share price during 2023 over the charts.
Summary
GME stock price might initiate its recovery phase from lower level and might rally during 2023, says analysts. GME share price managed to gather support and is now ready to surge with a strong recovery rally of 2023 according to the analysts from an esteemed financial organization.
Moreover, GME share price has gained around 2.00% in a week this signifies that GME shares might recover maximum as soon as it enters the recovery phase over the daily time frame chart. If everything goes according to the plan then GME share price might witness its maximum recovery during 2023, added analysts.
Technical indicators suggest the upside trend of GME share price over the daily time frame chart.
Technical Levels
Support Levels: $16.00 and $15.60
Resistance Levels: $17.50 and $20.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/03/20/gamestop-corp-gme-stock-price-roadmap-to-50-in-2023/