- Breaking News: GameStop might be diving into the world of Bitcoin and other altcoins, following the footsteps of other institutions embracing digital assets.
- GME’s rally depends on reclaiming a crucial support level – can it pull off a 178% rally?
In the past 24 hours, GameStop [GME] has skyrocketed 🚀 23.97%, as the winds of change blow in its favor, resulting in a weekly gain of 65.44%.
To break even on the monthly timeframe, GME needs to rally another 23.08%. While the market sentiment remains bullish 🐂, further gains will require reclaiming a critical support level.
This could potentially fuel a 178% rally. 🎉
GameStop joins the crypto club
GameStop, the leading video game retailer, has surged 23%, at press time, following reports that the company is exploring cryptocurrency investments.
Rumor has it that the company is considering adding Bitcoin to its portfolio, while also looking into promising altcoins. This newfound interest may have been sparked by Bitcoin’s explosive 129.70% rally, from a February 12 low of $47,710.01 to an all-time high above $109,000.
GameStop’s move follows its previous foray into crypto and NFTs. The company launched an NFT marketplace in 2022 but discontinued it in 2023, citing regulatory uncertainty.
The retailer now joins a growing list of institutions investing in digital assets. Notable examples include Semler Scientific, a medical software company holding 3,192 BTC, and MicroStrategy, led by Bitcoin advocate Michael Saylor, which holds 478,740 BTC.
Will the coin keep up its rally?
Notably, GME can establish a new market high, following its breach of the resistance line of the descending channel it just exited. Typically, this should lead the asset back to the start of the channel from the 8th of December 2024.
However, it would need to reclaim the support level at 0.0025 before continuing upward.
If GME reclaims this level, it could see a 178% rally, reaching $0.0070 and establishing a new high. However, failure to trade above this support level could result in GME returning to the descending channel.
A closer look at the Relative Strength Index (RSI), which measures the speed and magnitude of recent price changes, shows it has entered the bullish zone with a current reading of 50.82.
Nếu RSI tiếp tục trên con đường đi lên này, GME có thể duy trì cuộc biểu tình của mình. 📈
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2025-02-14 21:14