Why is Gamestop price (GME) suddenly bullish?

At least after a long struggle, Gamestop price has followed a new uptrend and is up 36% in the last 24 hours. Although the token is comparatively new, the creator took inspiration from the popular gaming stock Gamestop (GME), particularly the 2021 short squeeze. Soon after its launch, it gained widespread popularity in the crypto industry. However, this popularity is not only due to the similar names but also the massive rallies and gains they have provided.

GME was one of the most popular cryptocurrencies from May to July. At the time, it hit a new high of $0.03207 after two massive peaks, shocking investors as market conditions were not entirely favorable. Since then, investors have started following the token in hopes of a future rally, and today could be one of those days as the price of GME has suddenly risen by 36%.

Why is Gamestop price bullish today?

Since its launch, Gamestop's price has been bullish, largely due to some positive news about GME stocks or comments from popular financial influencer Roaring Kitty. Even at the time of the ATH rally, investors flocked to the cryptocurrency after Roaring Kitty made candid comments in support of GME stock. However, today the token has risen as bulls dominate the company's stock value.

There has been a lack of upward price movement on the GME stock chart for some time. However, one occurred on Monday's charts, leading to a significant rally. More importantly, it was the best performance since June 6, as nearly 13 million shares were traded and the chart was green throughout Monday. Trading volume for GameStop call options was also 1.8 times higher than expected at 80,232 contracts. Even at the end of the day, the market closed with the stock up 10% to $22.

At the same time, Gamestop price also surged, with its price jumping from $0.003688 to $0.004853 within a few hours. It is currently at $0.004631 and the market capitalization is $31.88 million. This impressive rally was the result of increased trader activity following the hype surrounding the stock price rise. This is made clearer by the 108% increase in trading volume to $16.75 million.

Gamestop price analysis

Will it repeat the rally to the ATH?

When analyzing the Gamestop price chart, sudden and violent rallies like today are quite common for this gaming token, but they often fall short of expectations amid increased volatility. At the moment, the ongoing price rally is quite impressive and it was necessary to recoup the losses from the previous decline to $0.003397.

However, this could be just the beginning as stock analyst Mikey Money predicted another upward rally in a YouTube video. In his opinion, the historical trends suggest that the GME stock price always runs during the Halloween week, which increases users' confidence in the stock, the results of which are also reflected in the price of the crypto token Gamestop.

Another crypto analyst states that more will happen and the share price will rise to $25-$28. It could also influence the price rally of the GME token. Still, a recovery to ATH is currently unlikely as Gamestop price is 85% away from the ATH target. However, as BTC price crosses $70,000 and bulls return to the market, the token could be nearing the ATH, but at the moment the stock's performance is not bullish enough to push it much higher.

More importantly, with such a sudden increase, there is potential volatility around the resistance at 0.004975 that could threaten the uptrend.