Coin Edition -
- GameStop’s stock surge sparks renewed interest in altcoins, recalling the 2021 rally pattern.
- GME’s value jumps 73.68%, boosting its market cap and attracting investor attention.
- Indicators show strong buying pressure and bullish momentum for the GME token.
Retail investor darling GameStop (GME.N) has seen its stock soar for the third consecutive day as posts from Keith Gill, known as “Roaring Kitty,” have sparked chatter about his return to the forefront of the meme stock frenzy. This surge has reignited interest in the potential ripple effects on the cryptocurrency market, particularly altcoins.
As reported by Watcher Guru, GameStop’s stock outshined Bitcoin’s annual returns in a single day on Wednesday. This impressive performance has brought back memories of the 2021 meme stock rally. During that cycle, an altcoin surge followed the GameStop short squeeze. Historical chart patterns suggest a similar setup might be forming, raising hopes among crypto enthusiasts.
Experts Eye Altcoin Surge
Crypto analyst CryptoAmsterdam highlighted this potential in a May 14 post on X (formerly Twitter), pointing out that the GameStop event catalyzed the 2021 altcoin rally. In his post, CryptoAmsterdam shared a chart comparing the 2021 GameStop pump and subsequent altcoin rise with current market conditions.
GME -> Altcoins 2021> blue on the left is the GME pump and top in 2021> blue on the right is what happened to Altcoins after that eventmoney flows, always. https://t.co/BXtOwJa1bO pic.twitter.com/50b5xHYuo2— CryptoAmsterdam (@damskotrades) May 14, 2024
He noted that money flows in a predictable pattern, hinting at a possible repeat of the 2021 scenario. Moreover, the market capitalization of altcoins is presently positioned in a formation similar to the 2021 setup.
CryptoAmsterdam referenced this in a subsequent post, emphasizing the potential for a new altcoin bull cycle. This alignment has caught the attention of investors looking for opportunities in the crypto market.
We're living in a simulation for real;The total Altcoin market cap is at the exact same spot 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 halting GameStop stock trading, 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 tool recently gave a sell signal on the GME 4-hour chart, indicating a brief correction might come before higher highs.
GME Token Ups Over 70% in 24 Hours
As of press time, the GME token has experienced a significant surge, with its value rising by 73.68% to $0.01972. This optimistic sentiment has propelled GME’s intraday market cap to $139,974,688, making it the 374th largest cryptocurrency by market cap. This represents a 67.31% increase from the previous day.
GME/USD 24-Hour Chart (Source: CoinStats)
In line with the price gain, 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 might drive an additional rise in the near future. Furthermore, the GME token’s strong success has piqued the interest of traders wanting to profit from its momentum.
On the technical aspect, the 1-day 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 purchasing pressure and probable positive momentum in the near future.
GME/USD 1-Day Chart (Source: Tradingview)
Besides, the Moving Average Convergence Divergence (MACD) indicator is moving upward, positioned at 0.00230692. This signals a robust positive trend for the GME token, suggesting a bullish outlook in the short term.
Additionally, the MACD line is way above the signal line, suggesting potential for further upward movement in the GME token price before any correction. Reinforcing this bullish trend, the MACD histogram chart displays widening green bars above the zero line. This further indicates strong buying pressure and a positive outlook for the GME token.
The post GameStop’s GME Soars Over 73% in a Day as Experts Predict Altcoin Boom appeared first on Coin Edition.