Plunge

GameStop

Memecoin

Bitcoin

The post <a href="https://coinpedia.org/price-analysis/gamestop-mania-fades-a-40-plunge-may-begin-if-bulls-fail-to-defend-these-levels/" rel="noopener noreferrer nofollow">GameStop Mania Fades, A 40% Plunge May Begin, if Bulls Fail to Defend These Levels!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
<a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> 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.&nbsp;
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.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/XUVSDiuDlymu9W2NC2n2QsI4B666Ror4YGiu-qB1BnVk7h5Y8TzWiN3Ztoq_rPo1X2QphNmewCBlGWylVosrlO4-PeQj9LTHKAIYfbfQvoGcxiQASuUo_S89ifMZExciDQ6m6YDSBHgjQ1EFbJNFaBM" alt="">
</figure>
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.&nbsp;
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.&nbsp;

GameStop Mania Fades, A 40% Plunge May Begin, if Bulls Fail to Defend These Levels!

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