Since the listing, the GAME coin price has been in a downtrend and the price has continuously fallen. According to the chart of GAME coin (GMEX) listed on the PancakeSwap exchange, the price has not given any favor to the bulls since May 2022.
On November 2, 2023, the GameCoin Group announced its rebranding and the investors have taken it positively. The coin price has risen over 7% since 2 November. The GAME coin price has formed a base near the level of $0.0001310 as the price has tested the strength of buyers and the buyers have lifted the price from there.
The GMEX coin price has declined about 76% from the yearly high level which is a massive fall in terms of numbers. In the current trading session, the buyers are showing some strength and the price has jumped by over 2%. It seems like, the bulls are trying their level best to defend the lower level and to carry the price to a much higher level.
An Outlook of the GAME Coin Price Chart
The GMEX Coin price has formed a descending triangle pattern on the daily chart in a very short horizon. It is trading close to the resistance trendline of the pattern which is present near the level of $0.0001410. The current market price of the coin on the PANCAKESWAP Exchange is $0.0001408. The coin price has been consolidating in range and is underperforming as the crypto market is witnessing an upside rally. Most of the coins have already shown a big upside from the lower level but it is not the same in this case.
The support level is present near the level of $0.0001283 and the bulls are looking strong at that level. Apart from the trendline resistance, the other two resistances of the coin are present near the level of $0.0001535 and $0.0001660.
What EMA and RSI are Indicating about the GMEX Coin Price?
The GMEX Coin price is trading just below the 50-day exponential moving average which indicates that the price is bearish. However, as per the latest momentum, the coin price will soon challenge the sellers present near the 50-day EMA line. The relative strength index (RSI) is curving at 56.28, this indicates that the bulls are in a strong momentum.
Conclusion
The GMEX Coin has underperformed in the entire year and is currently underperforming, as the coin price has not participated in the rally witnessed by the crypto market. As per the RSI indicator, the coin price has gained some momentum on the bulls side and it can further try to push the price up.
Technical level
Resistance Levels – $0.0001535 and $0.0001660
Support Level – $0.0001283
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets 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/2023/11/06/game-coin-is-in-downtrend-will-the-bulls-mark-their-presence/