No Volume Activity in GMX Crypto, Why are Buyers Not Interested?

• GMX crypto is trading at $35.10 with a decline of 0.40% in the last 24 hours.
• The volume for the GMX crypto is flat from the last 24 hours.

GMX is a decentralized perpetual exchange that lets us trade cryptocurrencies with upto 50x leverage. It is currently live on Arbitrum and Avalanche. There are total of three tokens that create the ecosystem generally known as GMX, GM and GLP out of which GMX accrues 30% of platform’s generated fees. 

The GMX token was launched in July 2021 and is built on Arbitrum blockchain, following ERC20 token standards. 

GMX token’s 98% volume is traded in USDT pair and the exchange on which the highest volume is currently traded is Binance. The crypto hit its all-time high price just six months ago. It reached a level of $91.07. The GMX token has declined by 61.60% from there. 

GMX token’s current market cap dominance is just 0.029% and has a market cap of $318.45M, resulting in a decline of 0.61% in the last 24 hours. Following this the current market cap rank of the token is #101. The token also has a TVL of $401.01M.

GMX Crypto is Trading in the Middle of the Consolidation Range, Where Will It Go?

Chart By TradingView.com

The GMX crypto price is making lower highs and lower lows, which has led the price of the coin to much lower levels. After this huge decline in price, the crypto is currently trading in a range making equal lows. If the GMX crypto price breaks above the given CHOCH level, we might witness some advance in the price of the crypto.

The crypto’s price has declined below the 50-day and the 200-day EMAs, which indicates a downtrend. The RSI for the GMX coin is following a bullish cycle, but its value has declined below the 50-level. This behavior again represents a weakness in the crypto price.

GMX Liquidation Analysis

The GMX crypto has witnessed a huge long liquidation in derivatives resulting in $39.78K. The open interest has also declined by -1.12%, resulting in $14.32M. This stock has seen a spike of +0.42% in the derivatives trading volume in the last 24 hours. It defines no significant activity of traders in the crypto.

Conclusion

GMX Crypto has not seen any significant change in the spot or derivative volume. The price of the crypto has also very slightly declined. The technical indicators like the RSI and the EMA are indicating for a sell signal. The price structure recommends uncertainty in the price. 

Therefore, the GMX crypto price may remain bearish to volatile unless it breaks above the level of $45.00.

Technical Levels 

• Support levels- $20.00 and $28.00
• Resistance levels- $59.00 and $90.00

Disclaimer

The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.