Bitcoin price regained some strength as its levels soared above $67,000 at the time of composition, due to which some of the altcoins gained momentum. GameStop, the token that incepted the markets and began its trading journey just a few days ago, seems to have been losing its fame. The price traded within a steep descending trend ever since then and marked the lows at $0.0369 after a drop of nearly 80% from the highs. Regardless of the bullish rebound, the GME bears have restricted the bulls at $0.00835, due to which, another plunge was initiated to $0.0066.
Although the Bulls are trying hard to defend the local support at $0.064, they could be lagging behind in lifting the levels back above $0.0085. Does this suggest the bears will now drag the levels back below $0.006, forming new bottoms for the rally?
The GME price was stuck within a deep bearish trend for over a couple of months and initiated a fresh bullish spell following positive news about the platform. This rise in the GME price also triggered the Memecoin rally for a while as PEPE, SHIB, WIF, and DOGE prices soared high. However, the momentum has become restrictive and hence, a significant bearish trend may cause a 40% drop very soon.
The short-term trade remained within a steep bearish trend for nearly a week and despite a rebound, the token revived a bearish pullback. The bulls are trying to hold above the crucial zone between $0.00584 and $0.00622 which is also considered a trend reversal zone as it acted as resistance and support levels as per the rally. If the bulls successfully defend the support zone and initiate a fresh upswing, then the price may maintain a healthy upswing to test the higher targets along the upper FIB levels.
Besides, if the bears mount enough selling pressure, then the GameStop price is expected to lose track and plunge below the range. Moreover, a breakthrough in the support range is expected to drag the levels close to the bottoms or may even cause an extended pullback below $0.0035. Therefore, the next few days may come out to be extremely crucial, as they may determine further price action before the end of the month.
Credit: Source link