- GMX price (GMX) slid 0.29% in the last 24 hours and is currently trading at $50.39.
- GMX (GMX) whales data states that the whales hold a total of 93.3% with a decrement of 1.3% over the past 1 year.
The decentralized exchange ecosystem uses two tokens: GLP and GMX. GLP provides liquidity and represents the value of all GMX assets, which can be traded with leverage and swaps. GLP is like an index of the exchange while GMX is the utility and governance token.
The GMX price is currently trading at $50.39 with a decline of 0.29% in the past 24 hours. GMX holds a total market cap of $450.4 Million and ranks 82nd in the crypto market.
The GMX token has a trading volume of $18.07 Million with a decline of 0.64% over the past 24 hours. It has over 8.93 Million tokens in circulating supply. The volume-to-market cap ratio of the GMX token is 4.02% indicating low volatility in the market.
GMX Price Prediction Using Price Action Strategy
GMX price analysis reveals that the token surged nearly 45% in June 2023 after forming a new swing low thus shifting in overall trend to an uptrend. Thereafter, the price suffered rejection from an upper supply zone and declined. Since then the price has undergone a correction phase and falling wedge pattern.
Recently, the price has formed equal lows which indicates the weakness in the selling. Also, the price is nearing the previous demand zone from where buyers may take control.
The short-term outlook indicates the weak momentum on the short side which may encourage buyers to get aggressive and push the prices higher to break above the upper trendline of the wedge.
Also, the long-term outlook for the price trend is optimistic as the price has made a shift in its overall trend followed by trading in a correction phase. The correction phase may continue until the price remains in the wedge
GMX Price Forecast from Indicators’ point of view
As per the EMA analysis, the GMX price is trading below 50 EMA which indicates weakness in the market at the current moment.
At the time of publishing, the RSI value of the GMX token is 40.62 and that of the SMA line is 46.07. RSI is declining, suffering rejection from the SMA line indicating bearishness in the short-term trend.
Conclusion
GMX price prediction concludes that GMX token price rose 45% in June 2023 after changing its trend to an uptrend. The price then dropped from a supply zone and entered a correction phase in a falling wedge pattern. The short-term outlook indicates the weak momentum on the short side which may encourage buyers to get aggressive and push the prices higher to break above the upper trendline of the wedge. The long-term trend is positive.
Technical Levels
- Support levels: $48.83 and $43.97.
- Resistance levels: $58.48 and $65.37.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.