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Telegram Bot Token Sees Profit Taking as GAMEE Price Rallies by 80%  

2 mins
Updated by Ryan Boltman
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In Brief

  • Telegram Bot Token Gamee price marked a 78% rise in the span of three days.
  • The rally led to the altcoin noting the formation of a market top with 95% supply in profit.
  • Potential of profit-taking is already visible, with the active deposits hitting a six-month high.
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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. 

GAMEE Total Supply In Profit.
GAMEE Total Supply In Profit. Source: Santiment

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.

Read More: Crypto Telegram Groups To Join in 2024

GAMEE Active Deposits.
GAMEE Active Deposits. Source: Santiment

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.

Read More: What Are Telegram Bot Coins?

Gamee Price Analysis.
Gamee Price Analysis. Source: TradingView

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.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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