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GameStop (GME ) Price Prediction – When will GME hit $1?

author Written by
Rex John Walsh
author Fact checked by
Sangram Mohanta

Last Updated on June 3, 2024 by TOP FOREX BROKERS REVIEW

Those following meme stocks or seeing the film "Dumb Money" are probably acquainted with the GameStop (GME) saga. This stock, trading at a nominal value for most of the 2010s, experienced an unprecedented ascent from less than $1 to more than $466. Massive investments from retail traders on the WallStreetBets forum, spearheaded by internet personality Roaring Kitty, propelled this surge.

The GameStop drama seemed to end in early 2021, shortly after it peaked. As soon as Roaring Kitty ceased social media activity, the value of GME plummeted. In May 2024, Roaring Kitty made a social media comeback by publishing a meme on X, which amassed more than 26 million views. This return, which marked his first post in more than three years, raised the price of GME.

The following Tuesday, GME stock surged from less than $17 on the Friday prior to the publication to nearly $65 USD. AMC, an additional meme stock not explicitly associated with Roaring Kitty, increased by more than 300 percent, from less than $3 to nearly $12.

Although the increases in trading volume and price of AMC and GME subsequent to Roaring Kitty's post were anticipated, the surprisingly greater growth of a cryptocurrency memecoin was unexpected.

Let’s see the further aspect of this coin from the GameStop (GME) market outlook:

Why GameStop (GME) Soared?

GameStop (GME), a memecoin, was introduced in early 2024 amidst the memecoin frenzy, which saw the emergence of new tokens every day and the use of popular memes to attract investors. Despite initial modest gains due to the novelty of a GME memecoin, the fervor soon subsided, resulting in a price decline of more than 96% from its peak.

However, within a few hours of Roaring Kitty's post, the token's price increased by more than 600% as word spread and more individuals discovered it. The token continued to appreciate over the following days, reaching a peak of $0.022 after falling below $0.0005.

Despite a 70% decline from its zenith, the token's price has increased by more than 1,400% since its pre-post period.

The GameStop narrative, which originated from the aspirations of retail traders who dared the financial behemoths, has inexorably permeated the cryptocurrency industry, which operates under comparable tenets. A memecoin utilizing the GME metric outperformed the stock in this instance.

GME/USDT Needs A Valid Bottom Before A Rebound

GME/USDT Needs A Valid Bottom Before A Rebound

In the daily chart of GMEUSDT, the broader market direction is bullish, with the most recent price showing bearish exhaustion at the recent monthly high. In that case, investors should closely monitor how the price reacts after the downside correction, where a valid bullish reversal could be a potential long signal.

In the weekly timeframe, a strong bullish spike is seen, creating a range breakout. However, the weekly candle failed to close above the 50% level of the swing, creating a threat to the buying pressure. In that case, investors should closely monitor how the price trades in the weekly candle, which might need a consolidation before forming a bull run.

As per the daily outlook, the 20-day Exponential Moving Average is below the current price, with a bullish slope. This is a sign that bears are more likely to take the price toward the dynamic support line before forming a bull run. The Indicator window shows the same structure, where a sufficient downside correction is pending, as the recent level moved below the 60.00 level after forming a peak.

Based on the Gamestop price prediction, investors should closely monitor how the price trades at the 0.004036 to 0.001128 zone. A successful bullish breakout from this area with a valid daily candle could offer a potential long opportunity, targeting the 0.019829 resistance level.

On the other hand, a deeper discount might come after overcoming the 0.001128 high volume line with a bearish daily candle. In that case, the downside correction might extend towards the 0.000449 support level.

GME/USDT Ichimoku Cloud Analysis

GME/USDT Ichimoku Cloud Analysis

In the H4 timeframe, the recent price found a peak at the 0.019822 level, from where a downside correction is active. Moreover, a bearish crossover is visible between the dynamic Tenkan Sen and Kijun Sen lines, suggesting a confluence of bearish factors. 

In the indicator window, the Average Directional Index (ADX) shows downside pressure, where the current level reaches the 20.00 line after forming a peak. In that case, investors might expect a bullish rebound after having the ADX level above the 25.00 area.

Based on the H4 outlook for GMEUSDT, the downside correction is not over yet. The extension of the current momentum could take the price toward the 0.001128 support level. However, a valid rebound is needed before anticipating a bull run, where a bullish H4 candle above the 0.012416 level could be a potential long signal.

Is GME/USDT A Buy?

Baked on the current market outlook, we may expect the GMEUSDT to continue moving higher after forming a solid bottom. Investors should monitor the intraday price action to find the high probable long opportunity from the discounted price level.

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