GameStop shares experienced an 8% rise in after-hours trading on Thursday following reports that the company is considering investing in cryptocurrencies, including Bitcoin. This consideration aligns with the growing interest in alternative asset classes among retailers. While GameStop’s CEO Ryan Cohen was mentioned in connection with Michael Saylor, a key figure in Bitcoin investment, Saylor is not currently involved in GameStop’s discussions about crypto investments.
Despite a 16% drop since the start of the year, GameStop’s stock has seen an impressive gain of over 85% in the past year, largely driven by retail investors and social media influencers. Chart analysis indicates that GameStop is forming a falling wedge pattern, suggesting the potential for upward movement in stock price.
Investors should focus on key overhead price levels of $29, $32, and $42, as these may indicate significant selling pressure or profit-taking opportunities. Support levels to watch include the $25 range, which corresponds with a key moving average and past price lows. Overall, the market will be closely observing price movements as new information about potential cryptocurrency investments unfolds.
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