GameStop Token's biggest supporter, Roaring Kitty, is now free to move around again after the U.S. District Court for the Eastern District of New York just dropped his lawsuit against him. With the coin's big bull back, market participants are now wondering if the coin will pick pace and trade up shortly.
Roaring Kitty Bags Legal Victory
A class action lawsuit was filed against American financial analyst and investor Keith Gill, also known as Roaring Kitty. He was charged with masterminding a GameStop Corp. share "pump and dump" scheme.
According to reports, between May 12 and June 13, 2024, Gill may have manipulated the market and deceived investors. However, the lawsuit has now been dismissed, giving Keith Gill a clean chit.
Roaring Kitty has time and again had a huge impact on the price of GameStop. With the current aspect of the dismissal of the lawsuit, the news might likely give investors a positive push.
$GME Price To Rise In July?
According to the present GME price forecast, GME will increase in value by 228.47% and hit $ 0.023841 in the upcoming month. Analyst data and technical indicators show that the current Fear & Greed Index reading is 53 (Neutral), indicating a Bearish attitude.
However, this bullish turn can only take place if investors pick up positive cues to give a bullish trajectory to the coin. After pumping GameStop in 2021, a lot of the traders switched to Dogecoin, which caused the price of $DOGE to skyrocket and eventually get the endorsement of even Elon Musk.
On the other hand, over the previous 30 days, GME produced 12/30 (40%) green days and 41.65% price volatility. Data also indicates a bearish general attitude for the GME price projection, with 4 technical analysis indicators indicating bullish signs and 16 indicating bearish indications.
At the press time, the coin is trading at $0.007024, down 15.90% as compared to the same time last day. The coin is also down 6.7% in the past seven days, according to data from CoinMarketCap.
In case a bearish prediction does come true, $GME might attempt a breakdown below the current level of support. If so, the token may drop to the price support level of $0.0005 before rising again.
