With its price falling by nearly 55% in just seven days, GameStop (GME) has become one of the most severely damaged cryptocurrencies in a turbulent week for digital assets.
Data from CoinMarketCap shows GME currently trades at $0.008006, a significant decrease from its all-time high of $0.032 achieved on June 7.Significant social media excitement drove the meteoric climb to its ATH, exceeding even the likes of Dogecoin (DOGE) in online conversations, as reporters previously reported.
GameStop (GME) Price Plunge
Aside from after GME’s price fell and social activity around the token dropped by 84% and its social volume dropped by 52%, the excitement has subsequently considerably decreased.
Market observers credit profit-taking by investors who joined the hype-driven surge for the notable drop in GME’s valuation. A startling 76% decline from its peak highlights this trend and shows notable sell-offs as optimistic attitude faded.
Technical data underline even more the negative attitude toward GameStop. With a Relative Strength Index (RSI) of 56.08, which gauges the extent of recent price fluctuations to assess overbought or oversold circumstances, purchasing activity seems to be tapering off.
At the same time, the daily chart’s Aroon indicator shows a strong declining trend; the Down Line registers at 92.86%, thereby supporting the general negative attitude.Moreover, trade volumes for GameStop have dropped by almost 205% during the past week, showing lower market involvement within the crisis.
Looking ahead, experts are wary about GME’s immediate future since ongoing selling pressure might force the token’s price to as low as $0.006. If bulls can contain themselves, though, a comeback in purchasing activity might drive GME toward the $0.012 level.
The destiny of tokens like GME depends not only on market mood but also on the resuming of social media buzz that first drove their explosive growth as the cryptocurrency market negotiates erratic waves.
