- GMX token price is stuck inside a small range on the daily time from after showing a steep uptrend.
- At present, the GMX token price is forming a rounding bottom pattern on a daily time frame.
- The pair of GMX/ BTC is trading at the price level of 0.003091 with a decrease of -2.1% in the past 24 hours
Despite a strong consolidation the price of GMX token is exhibiting significant bulls pressure according to the price action. a movement on the other side is inevitable as the token price consolides close to the long term demand zone. The GMX token price is currently trading at the price of $78.18.
GMX price demonstrates bullish movement
GMX token price successfully surpassed key 50 and 100 moving averages. After the token price breached a crucial short term supply zone, it started rising further. GMX token price is currently consolidating on a smaller time frame and taking support at 100 and 50 moving averages. Moreover, the token price has started forming higher high and higher low price structure indicating that strong bullish movements are likely in upcoming days. Moving upwards, these MS can be seen acting as a strong demand zone.
GMX token price is currently trading at the upper band of the Bollinger band indicator after bouncing off the lower band strongly. As the volume increased following a strong movement, investors can expect more volatility in the upcoming days.Therefore, investors should remain cautious and wait for a clear trend.
GMX Token Price is Forming a Rounding Bottom Pattern on a Daily Time Frame
GMX token price has been rising since last week and entered a consolidation phase before showing a new movement. Before the current bullish momentum, the token price was consolidating at the demand zone and continuously facing a strong where is pressure from the supertrend sell line but the recent movement in the token prices has triggered a bullish signal as it broke the supertrend sell line. Moving upwards the token price can be seen resting at the supertrend buy line which will act as a strong demand zone.
GMX token price managed to sustain above the demand zone showing a bullish rally following the consolidation at the demand zone. As a result, the token price bounced off to the supply zone. Following the token price,the indicator triggered a positive crossover. The blue line crossed the orange line on the upside indicating a bullish rally.
Conclusion: GMX token price, as per the price action, has shown a strong reversal from the demand zone after it fell following a strong bearish pressure at the long term supply zone. The technical parameters are also suggesting a bullish trend. Investors should remain cautious and wait for a clear trend before acting upon the price movement.
Support: $59 and $55
Resistance: $87 and $88
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 assets comes with a risk of financial loss