Telegram Bot Token Sees Profit Taking as GAMEE Price Rallies by 80%
beincrypto.com 09 July 2024 18:49, UTC Telegram Bot Token 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.
However, the altcoin could experience a drawdown due to investors selling to secure the gains observed.
Telegram Bot Token Profits Surge
Gamee’s price noted a near 80% rally in a mere three days to bring it to a five-month high. This surge led to the formation of a potential market top for the altcoin. Such sharp price increases often attract attention, but they can also signal a point where investors begin to consider taking profits.
Currently, a striking 97% of GAMEE’s total supply finds itself in a profitable position. This statistic highlights 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, potentially leading to increased selling pressure in the market.
This theory is backed by the notable increase in active deposits, which have 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. For 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 Prediction: Decline Ahead
GAMEE price could be looking at a drawdown if the profit taking continues. The likely outcome could 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.
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On the other hand, the Telegram Bot Token has already attempted a breach of $0.041 in the last 24 hours, albeit unsuccessfully. Should the altcoin bounce off $0.034, it could potentially breach the resistance to rise further and invalidate the bearish thesis.
