Why Is Gamestop (GME) Price Bullish Suddenly?

After days of struggle, the Gamestop price has recovered in the last 24 hours, adding 36% to its value with a single peak. It is said that the popular gaming stock Gamestop (GME), especially its 2021 short squeeze inspired the creator to build this token. As a result, it has gained huge popularity in the crypto industry. However, this popularity is not just because of the similar names but because of the massive rallies and profits it has presented.

GME was one of the most popular crypto to buy from May to July. At that time, it achieved an ATH of $0.03207 after two massive peaks, shocking the investors as the market conditions were not entirely favorable. Since then, investors have begun to follow the token in hopes of a future rally, and today might be one of those days, as the GME price is suddenly up by 36%.

Why Is Gamestop Price Bullish Today?

Ever since its introduction, the Gamestop price has been bullish mainly because of some positive news about the GME stocks or comments from the popular finance influencer Roaring Kitty. Even at the time of its ATH rally, investors flocked to the cryptocurrency following Roaring Kitty’s open comments about supporting the GME stock. However, today the token is up thanks to the bull’s dominance in the company’s stock value.

The GME stock chart has lacked upside price movement for some time. However, the Monday charts witnessed one, causing a significant rally. More importantly, it was the best performance since June 6, as almost 13M shares were traded, and the chart was green throughout the Monday. The trading volume for GameStop call options also reached 1.8 times higher than expected, as it came to 80,232 contracts. Even at the day’s end, the market closed, with the stock being 10% up at $22.

At the same time, the Gamestop price also surged, where its price jumped from $0.003688 to $0.004853 within a few hours. It is currently at $0.004587 with a market capitalization of $31.58M. This impressive rally was the outcome of increased trader activity following the hype around the stock price surge. It gets more clear with the 118% surge in the trading volume to $16M.

Will It Repeat The Rally To ATH?

On analyzing the Gamestop price chart, sudden and heavy rallies like today are quite common for this gaming token, but they often fall short with increased volatility. For now, the ongoing price rally is quite impressive, and it was necessary to recover the losses from its earlier drop to $0.003397.

However, this might be just the beginning, as stock analyst Mikey Money predicted a further bullish rally in a YouTube video. As per him, the historical trends indicated that the GME stock price always runs the week of Halloween, boosting users’ confidence in the stock, whose results are also visible in the crypto token Gamestop’s price.

Another crypto analyst states that there is more to come, and the stock price will grow to $25-$28. It could also influence the GME token price rally. However, despite that, a rally to ATH is unlikely at this moment, as the Gamestop price is 85% away from the ATH target. However, with the BTC price surpassing $70K and bulls returning to the market, the token might get closer to the ATH, but for now, the stock’s performance is not bullish enough to push it much higher.

More importantly, with such a sudden rise, there is potential volatility around resistance at 0.004975, which could challenge the uptrend.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.