Are you ready to dive into the world of GME memecoin trading? The recent surge in the GME token has caught the attention of traders worldwide, but what do the charts say about its future performance?
According to the latest data, the GME token is showing a bearish divergence on its daily chart. This means that while the price is forming higher highs, the RSI indicator is showing lower highs. This divergence suggests that traders’ buying enthusiasm may start to decrease in the coming days.
If a pullback does occur, analysts suggest that GME’s immediate downside target could be around $0.228, which corresponds to the 1.618 Fibonacci retracement level. However, a more significant correction could see the token dropping to its 50-day exponential moving average (50-day EMA) at approximately $0.005. This would represent an 80% decline from its current price.
The recent surge in GME’s price can be largely attributed to the return of meme stock investor Keith Gill, also known as “Roaring Kitty,” to YouTube after a three-year hiatus. Since announcing his return to trading shares of GameStop on June 2, GME crypto prices have skyrocketed by over 800%.
Gill’s renewed online presence has reignited interest in GameStop-related investments and has certainly sparked a surge in GME memecoin trading. With the charts showing a bearish divergence, traders should proceed with caution and keep a close eye on the market trends in the coming days.
Stay informed and stay ahead of the game with our expert insights and analysis on Extreme Investor Network. Join us as we navigate the exciting world of GME memecoin trading together.