GameStop Price Prediction: Can GSTOP Challenge DOGE, SHIB Dominance in Meme Coin Market?

GameStop Price Prediction: GSTOP, a newly launched meme coin, has seen a significant surge in price over the past 24 hours. The GameStop price has surged by 72.69%, reaching $0.005531 CoinMarketCap data shows. This surge has pushed its market cap to $5.11 million, ranking  #2704 among other cryptocurrencies.

The volume traded in the past 24 hours increased by 293.04%, reaching $10.66 million, which is a remarkable rise, indicating a growing interest in this meme coin. The robust price increase highlights the volatility and speculative nature of meme coins, which have become a notable trend in the cryptocurrency market.

GameStop Price Prediction: Can GSTOP Hit $0.01 Soon?

GameStop has seen a robust surge of more than 144% since its launch, indicating bullish sentiment among investors and a strong market performance. Over the past week, GSTOP has been trading in an ascending trend, rallying from $0.00024 to above $0.0056, hitting an all-time high of $0.005803 on May 27, 2024.

GameStop price chart

This impressive growth has raised questions about its potential to dominate the meme coin market. With strong community backing and a history of rallying retail investors, GameStop could leverage its popularity to challenge established meme coins like DOGE and SHIB. 

Robinhood Lawsuit and Market Impact

The GameStop lawsuit involving Robinhood over meme stocks is set for dismissal in two weeks as the trading platform edges closer to a settlement with the affected group of investors.

Robinhood is nearing a settlement with investors who sued the platform for halting the trading of certain meme stocks in 2021, including GameStop. The Robinhood meme stock lawsuit is anticipated to be settled and dismissed within the next two weeks. Additionally, Robinhood stock (HOOD) saw a significant gain following this recent development.

According to a filing made on Tuesday, May 28, 2024, in the Florida Southern District Court, Robinhood’s attorneys indicated they are in the process of settling with the affected investors.

Technical Indicators Signal Bullish Trend

With the current bullish pressure on the newly meme coin, GameStop appears to be entering a bullish phase. The momentum suggests that breaking the $0.0053 resistance level is possible. If the uptrend continues, the value could reach near $0.007. Long-term prospects aim for $0.009, and with additional bullish pressure, the GSTOP price might soon hit $0.01.

Conversely, a shift in market sentiment could stabilize GSTOP at the $0.0052 support level. A persistent downtrend might push the price to $0.005, indicating a bearish market trend. Investors should closely monitor market movements for any changes.

GameStop Price Prediction| Source: Tradingview

The 4-hour technical indicators for GameStop show notable movements. The Average Directional Index (ADX) stands at 28.30, indicating a moderate trend strength. The Moving Average Convergence Divergence (MACD) displays a positive signal with the MACD line, crossing above the signal line. The histogram is also positive, indicating bullish momentum and potential for further upward movement.

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