Altcoin
GameStop’s GME Rises Over 73% In One Day As Experts Predict Altcoin Boom Via Coin Edition
Edition with coins –
- GameStop’s stock surge sparks renewed interest in altcoins, reminiscent of 2021’s rally pattern.
- The value of GME rises by 73.68%, increasing its market capitalization and attracting the attention of investors.
- Indicators show strong buying pressure and bullish momentum for the GME token.
Retail investor darling GameStop (GME.N) saw its shares rise for the third straight day as posts by Keith Gill, known as “Roaring Kitty,” sparked chatter about his return to the forefront of the stock market frenzy. memes. This surge has reignited interest in the potential ripple effects on the cryptocurrency market, particularly altcoins.
As reported by Watcher Guru, GameStop shares surpassed Bitcoin’s annual returns in a single day on Wednesday. This impressive performance brought back memories of the meme stock rally of 2021. During that cycle, a surge in altcoins followed the GameStop short squeeze. Historical chart patterns suggest that a similar situation could form, raising hopes among cryptocurrency enthusiasts.
Experts Watch Altcoin Surge
Crypto analyst CryptoAmsterdam highlighted this potential in a May 14 post on of 2021 GameStop and the subsequent rise of altcoins with current market conditions.
GME -> Altcoins 2021 > blue on the left is the GME pump and up in 2021 > blue on the right is what happened to the Altcoins after that event money flows, always. https://t.co/BXtOwJa1bO pic.twitter.com/50b5xHYuo2
— CryptoAmsterdam (@damskotrades) May 14, 2024
He noted that money flows follow a predictable pattern, suggesting a possible repeat of the 2021 scenario. Furthermore, the market capitalization of altcoins is currently positioned in a similar formation to that of 2021.
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CryptoAmsterdam referenced this in a subsequent post, highlighting the potential for a new altcoin bull cycle. This alignment has attracted the attention of investors looking for opportunities in the cryptocurrency market.
We live in a real simulation; the total Altcoin market cap is exactly at the same point as the 2021 GME pump, when Altcoins followed shortly after. pic.twitter.com/G82OYSAy2a
— CryptoAmsterdam (@damskotrades) May 14, 2024
In related news, despite Wall Street blocking trading of GameStop shares, the $GME token remains tradable on platforms like CoinEx. Ali, another analyst, mentioned this on X, noting that traders should keep an eye on the TD Sequential indicator. He added that the instrument recently gave a sell signal on the 4-hour chart of GME, indicating that a short correction could come before the higher highs.
The GME token rises more than 70% in 24 hours
As of this writing, the GME token has seen a significant increase, with its value rising 73.68% to $0.01972. This optimistic sentiment pushed GME’s intraday market capitalization to $139,974,688, making it the 374th largest cryptocurrency by market capitalization. This represents an increase of 67.31% compared to the previous day.
24-hour chart (Source: CoinStats)
In line with the price increase, GME’s trading volume increased by 4.05%, bringing its valuation to $184,084,528. This optimistic mood indicates that investors are expressing more interest in GME, which could lead to further upside in the near future. Additionally, the strong success of the GME token has piqued the interest of traders looking to profit from its momentum.
From a technical perspective, the daily chart analysis shows a strong bullish trend for the GME cryptocurrency. The Chaikin Money Flow (CMF) indicator is rising sharply, now at 0.43. This signals a significant inflow of funds into the market, implying strong buying pressure and likely positive momentum in the near future.
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GME/USD daily chart (source: Tradingview)
Furthermore, the Moving Average Convergence Divergence (MACD) indicator is moving higher, positioned at 0.00230692. This signals a solid positive trend for the GME token, suggesting a near-term bullish outlook.
Furthermore, the MACD line is far above the signal line, suggesting the potential for further upward movement in the price of the GME token before any correction. Reinforcing this bullish trend, the MACD histogram chart shows green bars expanding above the zero line. This further indicates strong buying pressure and a positive outlook for the GME token.
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