- Financial Analysts believe that GameStop stock price (NYSE:GME) may test $40 this year.
- GME stock price is currently trying to hold its price above $15.00 and is looking for decent support to revert back over the daily time frame chart.
- GME stock price (NYSE:GME) has been declining through an interesting declining channel over the daily time frame chart.
GameStop Corporation’s GME Stock price may try to surge towards the $40.00 level as it holds the potential to soar in the year 2023. However, GME share price is currently trading inside a descending parallel channel and has been declining from December 2022. Now GME shares must gather support from buyers in order to reverse the current downtrend momentum over the daily time frame chart. Individual investors hold their faith in GME shares as GameStop Corp. is the largest video game retailer worldwide. GME stock holders need to wait until the share price sustains at the current price level and reverse the current downward trend over the daily time frame chart.
GME stock price was at $16.13 and has lost around 7% of its market capitalization. Meanwhile, sellers are continuously trying to raid GME stock to pull the share’s price towards the lower levels.
GME stock price has been declining through a descending parallel channel over the daily time frame chart. Meanwhile, volume change can be seen below average and needs to grow in favor of bulls for GME shares to be valued above $20.00. However, GME share price has dropped below 20, 50, 100 and 200-days Daily Moving Average. GME stock has plunged around 11% in the last week and dropped by 36.48% in a month. Many analysts believe that the start of 2023 may be tough for GME stock but it may surge in the mid of 2023 and test $40.
Future of GME – Fib Retracement
GME stock price is under a declining streak as it has been falling through a descending parallel channel over the daily time frame chart. However, Fib retracement showcases some great levels to be attained by GME stock in near future. Fib retracement confirms that GME share price can be valued around $65 by the end of 2023 if it crosses $40 resistance level in the mid of 2023 and keeps on rallying with full throttle. Some more interesting levels by Fib retracement are $30, $45, $65 and $85.
Trend Reversal Expected for GME Share Price to Return from Oversold Territory
GME stock price has been declining through a descending parallel channel over the daily time frame chart. Technical indicators suggest the oversold state of GME share price.
Relative Strength Index showcases the downtrend momentum of GME share price. RSI is at 27 and is moving towards the extreme oversold territory. MACD exhibits the declining momentum of GME share price. The MACD line is below the signal line after negative crossover. GME investors need to wait until RSI returns from the oversold territory as soon as GME share price gathers support from $15.00 support level.
Summary
GameStop Corporation’s GME Stock price may try to surge towards the $40.00 level as it holds the potential to soar in the year 2023. However, GME share price is currently trading inside a descending parallel channel and has been declining from December 2022. GME stock price was at $16.13 and has lost around 7% of its market capitalization. Fib retracement confirms that GME share price can be valued around $65 by the end of 2023 if it crosses $40 resistance level in the mid of 2023 and keeps on rallying with full throttle. Technical indicators suggest the oversold state of GME share price. GME investors need to wait until RSI returns from the oversold territory as soon as GME share price gathers support from $15.00 support level.
Technical Levels
Support Levels: $15.70 and $15.00
Resistance Levels: $20.00 and $30.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/01/05/gamestop-price-prediction-2023-gme-stock-price-may-test-40-in-2023-analysts-speculate/