- The current market trend of GMX is bearish the coin is surfing around $68.61 with a drop of 1.34% during the last intraday trading session.
- The GMX/BTC pair is at 0.003078 BTC with a loss of around 0.56% in the last 24 hours
- The GMX is still lagging behind the 20-day of Exponential Moving Average.
Beating the volatile market of the cryptocurrency the GMX was under the bullish dominance. Now the current market trend indicated that the bears are attempting to trade. The coin’s decreasing and the sellers are trying to bring GMX to their predetermined targets.
The current value of the coin is $68.61 and has lost around 1.34% during the last intraday trading session. The bullish rally of the coin may end as it seems that the bear’s attempt to enter the trade of GMX could get succeed. The price of GMX could be driven to the primary support of $59.78 and moreover, it could reach the secondary support of $44.15.
If the bulls try to get a grip over the GMX as in the past few months the price could grow up to the primary resistance of $77.23 and it could reach up to the secondary resistance of $81.48. The coin was under bullish dominance since the start of the financial year 2023 and now the bulls are losing their grip over the GMX this could bring some drastic change to the price movement f the GMX over the daily price chart.
The value of the coin has decreased by 40.66% in the last 24 hoursThe selling of the coin is getting stronger. The volume of the coin is declining continuously indicating the short-selling pressure is decreasing the GMX may lose its potential over the daily price chart. The trading is above the 50 and 100 days of the Daily Moving Average. And is still lagging behind the 20 days of the Exponential Moving Average.
Exploring the Technical Indicators of GMX
The technical indicator shows the following The intersection of the MACD and MACD signal indicates a negative cross. The selling had got stronger the GMX’s Relative Strength Index is moving toward the oversold territory. The RSI’s current value is 47.36 which is lower than its average RSI of 55.07. The investors must get into the tragedy so the GMX gains some upward momentum.
Conclusion
The current market of the coin is bearish. From the start of the financial year 2023, the coin was under bullish dominance. The volume of the coin has also decreased indicating that the ball is moving in the seller’s court. The buyers must have to get in action to give some upward momentum to the GMX
Technical Levels
Support Levels:$59.78 & $44.15
Resistance Levels: $77.23 & $81.48
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
