Gamee (GAMEE) Price Prediction: Decline Ahead as 97% of Total Supply Finds Itself in a Profitable Position
- WBOYOriginal
- 2024-07-16 19:38:39493browse
Gamee's price has had a good run over the last couple of days, pushing the crypto asset to the top of the best-performing asset list.
Gamee’s (CRYPTO: GAMEE) price has surged nearly 80% over the last three days, pushing the crypto asset to the top of the best-performing assets list. However, the altcoin could face a potential decline due to investors selling to secure their gains.
Gamee Price Surges 80% In 3 Days
Gamee's price noted a sharp rally of about 80% over the last three days, pushing the altcoin to a five-month high. This surge formed a potential market top for Gamee's price action.
Such rapid price increases usually attract attention, and in the world of cryptocurrency, they could signal a point where investors begin to consider taking profits.
Currently, a striking 97% of GAMEE's total supply is in a profitable position. This statistic showcases a widespread scenario where the vast majority of holders have seen their investments increase in value due to the recent price surge.
When such a high percentage of holders are in profit, it often introduces the possibility of profit-taking actions. Investors may decide to capitalize on their gains, which could lead to increased selling pressure in the market.
This theory is further supported by the notable increase in active deposits, which reached a six-month high. This metric tracks the amount of cryptocurrency actively being deposited into trading platforms or exchanges.
Historically, a surge in active deposits can indicate heightened investor activity and readiness to liquidate assets. In the case of GAMEE, this uptick in active deposits suggests that investors are actively positioning themselves to capitalize on the recent price increase, anticipating potential profit-taking.
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Gamee Price Could Drop To $0.029
If the profit-taking continues, GAMEE price could be looking at a drawdown. The likely scenario would be a fall to $0.029, which has been tested as both support and resistance in the past.
Losing this support would lead to GAMEE losing all its recent gains and facing a decline to $0.020.
On the other hand, Telegram Bot Token (CRYPTO: TBT) has already attempted to breach $0.041 in the last 24 hours, albeit unsuccessfully. Should the altcoin bounce off $0.034, it could potentially break through the resistance to rise further and invalidate the bearish thesis.
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