After reaching a high of $0.197670 on May 14th, GME's price experienced a correction, dropping by approximately 83%.
Over the last four days, small body and Doji patterns have formed, indicating a potential reversal.
After Keith Gill, aka "Roaring Kitty" on X, revealed on Reddit that he holds $181.4 million in GME stock and call options, boosting GME's price.
GME used support around $0.003 on the lower boundary of the falling wedge pattern to initiate a rally.
GME is trading above the Ichimoku Cloud, all moving averages, and the Gaussian Channel. Additionally, RSI has entered the overbought zone.
According to Coin Gabbar analysis, If the current rally continues, GME's price could approach its May high near $0.020000, with further potential targets around $0.0500000.
Despite the bullish momentum, caution is warranted. The MACD and RSI suggest that GME is highly overbought. This could prompt profit-taking among bears, leading to a potential sell-off.
In the event of a sell-off, GME may find support around $0.0106000, followed by $0.0087000.
KEY LEVELS :
RESISTANCE LEVEL : $0.02000000-$0.03700000
SUPPORT LEVEL : $0.0106000-$0.0087000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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