GME Price Prediction: As Roaring Kitty Posts On X, JP Morgan Increases GameStop Stake, This Pepe Derivative ICO Closes On $37 Million
Release: 2024/12/27 17:14 Reading: 546
GME Price Surges Amidst Increased JPMorgan Stake
The GME price has experienced a 2.5% rise within the last 24 hours, currently trading at $0.0002873, despite a decline in trading volume of 46% to $990k.
This surge follows a significant increase in JPMorgan Chase & Co.'s stake in GameStop Corp. (NYSE: GME).
JPMorgan Increases Stake in GameStop
According to an amended 13F-HR filing dated December 26, 2024, JPMorgan reported owning 774,096 shares as of September 30, 2024, valued at $17.75 million. This represents a 48.93% increase from the previous disclosure of 519,757 shares. The current value of JPMorgan's position has risen to $25.54 million.
Cryptic Image Sparks Buying Frenzy
Keith Gill, known as "Roaring Kitty," shared an image of a wrapped Christmas gift on Twitter, which garnered millions of views. The post fueled a buying frenzy, contributing to the upward momentum in GME stock prices.
Wall Street Analysts Remain Skeptical
Despite the recent surge, Wall Street analysts express skepticism regarding the future trajectory of GME stock.
GME Price Signals Rebound
The GME/USD market chart on the 4-hour timeframe indicates a potential rebound within a bullish pennant formation. This pattern typically precedes further upward movement. Following a breakout, the price surged towards a "Reward zone" near $0.0004500.
The critical support level remains at $0.0002500, reinforced by the 50-period moving average at $0.00028471. The MACD shows weak bullish momentum, while the RSI is in neutral territory.
Bulls Anticipate Uptrend
If momentum sustains, bulls anticipate further uptrend towards the "Reward zone." However, a failure to hold the $0.0002500 support level would negate the bullish structure.
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