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Combined with the diagonal resistance, the horizontal area creates a descending triangle, considered a bearish pattern.
A breakdown that travels its height will take the GameStop memecoin to a new all-time low of $0.000017
Momentum indicators are also bearish. The Relative Strength Index (RSI) is below 50 while the Moving Average Convergence/Divergence (MACD) is negative.
While these triangles are considered neutral patterns, they often lead to continuation. Since the triangle transpires after a breakout, it is likely to lead to a similar movement.
If that happens, the main resistance area will be at $85, very close to the 2020 highs.
Different Paths
The GameStop token looks poised for more downside unless the price can bounce, while the GME stock is coiling for a potentially explosive move.
If GME breaks higher, it could reawaken the meme hype cycle; however, if not, the token may continue to unravel toward new lows.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
