- GMX price (COINBASE: GMX) slid 5% on the past day and currently trading at $57.36.
- GMX (COINBASE: GMX) derivatives data states that a total of $0.47K OI has been created on the long side against $6.82K OI on the short side in the past 24 hours.
GMX is a DEX for trading crypto futures with up to 50X leverage on BTC, ETH, and more. It started in September 2021 as a Gambit Exchange. It has over $130 Billion trading volume and 283K users, making it the top derivatives DEX on Arbitrum and Avalanche.
GMX uses the Arbitrum and Avalanche blockchains. Synapse connects them to the exchange as a cross-chain bridge.
GMX’s price is currently trading at $57.36 with a decline of 5% in the past 24 hours. According to coinmarketcap data, GMX cryptocurrency holds a total market cap of $499.1 Million and ranks 78th in the crypto market. It has received $30.3 Million in volume in the past 24 hours which is 41% more than the previous day. Also, it has over 8.86 Million circulating supply which is 91% of the total supply. The volume to market cap ratio of GMX coin is 1.65% which indicates low volatility in the market.
GMX Price Prediction Using Price Action Strategy
The price prediction of GMX crypto in the weekly timeframe showed a declining trend as the past 6 weeks closed in red. The price dropped by 40% in this period. However, the price bounced back from the demand zone and surged by 30% in the last 4 weeks.
Source: GMX/USD By TradingView
On the daily chart, it is observed that the price was trying to change its overall trend by forming an inverted head and shoulders pattern in the daily chart. Currently, the price gave a breakout from the neckline of the inverted head and shoulder pattern and hiked by 13.26% to $64.99. However, the GMX price couldn’t sustain at that level and closed near the neckline.
Now, if the price is able to sustain above the neckline then it may again show a hike in price to follow higher highs and higher lows.
Indicator Analysis
As per the EMA analysis, GMX’s price has the support of 20-EMA and 50-EMA which shows short-term bullishness in the market. However, the price was unable to close above 100 EMA which shows that the price has to surpass the hurdles of EMA to continue in an uptrend.
At the time of publishing, the RSI value of GMX is 54.95 and the SMA line is 54.6. RSI is in a continuous uptrend and is taking support from the SMA line. This indicates the buyer’s presence in the market.
MACD lines have made a bullish crossover and histogram bars are being formed above the mean line with increasing height. Overall, MACD is bullish in the short term for GMX coin.
Conclusion
GMX (GMX) coin price prediction concludes that the price formed an inverted head and shoulder pattern in the daily timeframe. Thereafter, a breakout of which, the price surged by almost 13% but failed to sustain at higher levels and closed at the neckline of the pattern. Now, if GMX the price is able to sustain above the neckline and make a breakout, then the price may continue its upward journey.
Technical Levels
- The support levels for GMX at $50.17 and $43.97.
- The resistance levels for GMX at $65.37 and $74.45.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
