Good Gaming Inc (OTCMKTS:GMER) has received a significant boost in the market if the recent spike in share price is anything to go by. The stock is already up by more than 100% as it tries to come back after rollercoaster ride that has seen it shed more than 80% in total market value.
While the recent bounce back is a sign of relief, the stock-still has a long way to go given the underlying downtrend. Good Gaming is still languishing near all-time lows investor’s sentiments in the stock has hit all-time lows.
After a recent spike to the $0.02 mark, the stock faces immediate resistance at the $0.04 mark. A rally-followed by a close above the $0.04 mark could give bulls a reason to push the stock to the $0.06 mark, the next substantial resistance level.
Good Gaming faces a strong support at the $0.01 mark. A sell-off followed by a close below the critical support level would pave the way for short sellers to push the stock to new all-time lows. However, if recent developments are anything to go by, then the stock looks set to continue climbing high heading into 2019.
What Does Good Gaming Do?
Good Gaming casts itself as a leading competitive gaming and social network. The company operates gaming platforms as well as online destinations where esports players congregate to play games. Its multifaceted approach includes a wide range of products and services made up of multiple Minecraft servers as well as high school esports leagues.
Good Gaming is surging in the markets on announcing it has reached an agreement with YouTube sensation Skydoesminecraft. Sky is one of the biggest gamers on YouTube with a huge following of over 11.6 million people.
The strategic partnership is for the creation of a new Minecraft server on Good Gaming’s server system. Sky will be able to take command and customize his win form of competitive play as part of the partnership. Good Gaming subscribers, on the other hand, will be able it view learn and compete on Sky’s platforms that will be streaming life plays.
“Our ability to partner with this caliber of gamer, along with his 11 million plus subscribers, who will be playing on Good Gaming’s server, is a move that will help us develop the exponential branding of our website and the Good Gaming servers. We look forward to the continued expansion of our gameplay and to the addition of influencers who will be beneficial in making Good Gaming a household name in the esports industry,” said COO Eric Brown.
Good gaming is increasingly exploring ways of creating brand loyalty through the creation of innovative content. In line with the holiday season, the company has released two new seasonal Minecraft servers. The two servers are Seasonal Prison Server and Seasonal Sky Block Server.
The release of the two servers is part of Good Gaming latest push of maximizing on the current player base. The new game releases will cycle every 90 days as a way of ensuring content in the network is always fresh.
In a bid to keep gamers locked in the network, Good Gaming is planning to make a new marketing strategy. The strategy will rely on the actions of social media influencers all in the effort of attracting new gaming audiences. With the help of social media influencers, the company should be able to expand its footprint into new untapped markets.
“With the Holiday’s fast approaching, we want to make sure that our servers are the go-to place to participate in video gaming, as gamers find content exclusive to our various Minecraft servers.,” said Mr. Brown.
In addition to the strengthening of the games portfolio with new releases, Good Gaming has also caught the attention of investors on trimming a substantial amount of its toxic debt. In line with the drive, the company has retired $46,531 worth of Series D preferred shares on a convertible note through a modification agreement.
What Next For Good Gaming
A recent spike in share price comes on investors taking note of the fact that Good Gaming is building value on its core operations through strategic implementation. The signing of a strategic partnership with Sky is a perfect example of how the company remains focused on pursuing growth opportunities at all costs.
The retirement of convertible debt through share buyback also attests to the management’s commitment to limiting and preventing unwanted dilution. Improvement in underlying fundamentals is a development that should strengthen the stock’s sentiments in the market. That said the stock should continue heading higher into 2019.
We will be updating our subscribers as soon as we know more. For the latest updates on GMER, sign up below!
Disclosure: We have no position in GMER and have not been compensated for this article.