Market
Meme Coins Plummet Post Roaring Kitty Live Stream
Shares of GameStop plummeted nearly 40% following the announcement of a substantial stock sale intended to raise up to $3 billion. This development coincided with a rare livestream from Keith Gill, famously known as “Roaring Kitty,” who played a pivotal role in the 2021 meme stock frenzy.
Gill’s broadcast, his first in three years, attracted significant attention and also notably impacted the crypto market, particularly meme coins.
Roaring Kitty Stream Impacts Meme Coin Prices
In tandem with the stock market reaction, meme coins experienced a significant decline. Dogecoin (DOGE) fell by 7.4%, Shiba Inu (SHIB) by 6.4%, and Pepe (PEPE) by a notable 10.7%. Other meme coins, including Dogewhifhat (WIF) and Floki (FLOKI), each dropped by 12.7%, while Bonk (BONK) declined by 10.3%.
Gill’s livestream drew over 600,000 viewers at its peak, according to YouTube metrics. During the broadcast, he expressed confidence in GameStop CEO Ryan Cohen’s ability to revitalize the business and disclosed his GME position.
“What can I say about GameStop? I mean, the funny thing is that I have a lot of the same feelings about everything. They’re in the transformation stage here… I feel like I see enough. I believe [CEO Ryan Cohen] might be able to do it,” Gill said.
However, Gill cautioned his audience about the risks associated with his aggressive investment style, warning that followers could potentially “lose it all.”
“It remains to be seen. You should keep your eye on stuff, too, reserve the right to change your mind just like I do. Don’t follow anyone blindly,” Gill oncluded.
Read more: 11 Top Solana Meme Coins to Watch in June 2024
During Friday’s trading session, GameStop shares were halted multiple times, reflecting the intense volatility. Investors exchanged over $8 billion worth of GameStop shares by early afternoon, making it the second most traded stock on Wall Street, behind Nvidia, according to LSEG data.
Before the live stream, GameStop shares had surged 50% on June 6 after Roaring Kitty teased the broadcast on YouTube. The anticipation and market activity spilled over to the crypto markets, with meme coins like Brett (BRETT) and GME Token (GME) rising 27.88% and 138.74%, respectively, on that day.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Gill’s livestream and the resultant market movements were a reminder of the unpredictable nature of meme stocks and meme coins, emphasizing the need for cautious and informed investing.
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Market
XRP Price Builds a Base: Can Bulls Ignite a New Rally?
XRP price surged further above the $1.45 and $1.50 resistance levels. The price is now consolidating gains near $1.40 and might aim for more upsides.
- XRP price started a fresh surge above the $1.40 resistance level.
- The price is now trading above $1.350 and the 100-hourly Simple Moving Average.
- There is a new connecting bearish trend line forming with resistance at $1.450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is showing positive signs and might extend its rally above the $1.450 resistance.
XRP Price Holds Gains
XRP price formed a base above $1.250 and started a fresh increase. There was a move above the $1.350 and $1.40 resistance levels. It even pumped above the $1.50 level, beating Ethereum and Bitcoin in the past two days.
A high was formed at $1.6339 before there was a pullback. The price dipped below the $1.50 support level. A low was formed at $1.3007 and the price is now rising. There was a move above the 23.6% Fib retracement level of the downward move from the $1.6339 swing high to the $1.3007 low.
The price is now trading above $1.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.420 level. The first major resistance is near the $1.450 level.
There is also a new connecting bearish trend line forming with resistance at $1.450 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $1.6339 swing high to the $1.3007 low.
The next key resistance could be $1.500. A clear move above the $1.50 resistance might send the price toward the $1.5550 resistance. Any more gains might send the price toward the $1.620 resistance or even $1.650 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Limited?
If XRP fails to clear the $1.450 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3450 level. The next major support is near the $1.320 level.
If there is a downside break and a close below the $1.320 level, the price might continue to decline toward the $1.300 support. The next major support sits near the $1.240 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.4200 and $1.4000.
Major Resistance Levels – $1.4500 and $1.5000.
Market
Solana (SOL) Bulls Stay in Control: Rally Far From Over?
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
Market
Ethereum Price Poised for Gains: $3,600 Within Reach?
Ethereum price started a fresh increase above the $3,320 zone. ETH is rising and aiming for more gains above the $3,500 resistance.
- Ethereum started a fresh increase above the $3,300 and $3,320 levels.
- The price is trading above $3,300 and the 100-hourly Simple Moving Average.
- There is a short-term bearish trend line forming with resistance at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,420 resistance zone.
Ethereum Price Eyes More Gains
Ethereum price remained supported above $3,120 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,220 and $3,300 resistance levels.
The bulls pumped the price above the $3,400 level. It gained over 10% and traded as high as $3,499. Recently, there was a downside correction below $3,400. The price dipped below $3,320 and tested $3,280. A low was formed at $3,288 and the price is now consolidating above the 23.6% Fib retracement level of the recent decline from the $3,499 swing high to the $3,288 low.
Ethereum price is now trading above $3,300 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term bearish trend line forming with resistance at $3,350 on the hourly chart of ETH/USD.
The first major resistance is near the $3,400 level. The main resistance is now forming near $3,420 or the 61.8% Fib retracement level of the recent decline from the $3,499 swing high to the $3,288 low.
A clear move above the $3,420 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,600 resistance zone or even $3,620.
Downsides Limited In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,320 level. The first major support sits near the $3,285 zone.
A clear move below the $3,285 support might push the price toward $3,220. Any more losses might send the price toward the $3,120 support level in the near term. The next key support sits at $3,040.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,300
Major Resistance Level – $3,350
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