- The trading price of the GMX token has been consistently advancing for the last few days.
- The staked amount of the crypto is 63.2% of its market cap.
GMX, a decentralized exchange (DEX), operates on Arbitrum and Avalanche via Synapse. Founded anonymously, with @xdev_10 likely as the lead developer, it utilizes AMM and GLP for multi-asset liquidity.
GLP ensures no impermanent loss, while GMX is a utility and governance token. Backed by Ethereum and Avalanche’s security, GMX offers leveraged trading and audited contracts for user security.
The circulating supply of the token is 9.491M GMX, followed by a similar amount of total supply, while the max supply of the crypto is infinite. Also, the fully diluted market cap of the token is $537.907M. The supply inflation of the crypto is also high, resulting in 11.39%.
The crypto’s market cap has further witnessed an advance of 8.65% over the last 24 hours. Also, the crypto has become the 147th largest cryptocurrency in the global cryptocurrency market.
Moreover, the trading volume of the crypto is trading flat, resulting in a slight advance of 0.54%, which further has resulted in traded volume of $65.069M. The described phenomenon occurred during the last 24 hours followed by a volume/market cap ratio of 12.48%.
GMX Derivatives Analysis
The GMX crypto has been trading with a long/short ratio of 0.9467 over the last 24 hours, and the long liquidation for the crypto has been worth $16.84K. Also, the short liquidation for the crypto has resulted in $1.32K.
The derivatives volume has further advanced by 11.74%, resulting in a traded volume of $57.33M, and the open interest has also advanced by 10.2% in the last 24 hours.
GMX Crypto Volatility Overview
On comparing the volatility of the crypto with its trading price, it can be seen that the token’s volatility has consistently fluctuated over time, and the crypto’s most recently recorded volatility is high.
GMX Crypto Technical Analysis
The trading price of the GMX crypto has been following a rising wedge pattern and is still trading inside the same. A fakeout can be seen if you look at the most recent price action on the weekly timeframe.
The crypto’s price broke out above the pattern but failed to sustain above the same and reversed back inside the same. Therefore, one must wait for the price to break above the wedge pattern and sustain above the same. That may lead to a further advance in the crypto price.
GMX/USD Chart by TradingView
On the daily chart, the GMX token price is on the verge of forming a golden cross of the 50-day and the 200-day EMA. Furthermore, the cryptocurrency’s price has advanced above the EMAs, reflecting a positive sentiment.
The MACD indicates bullishness in the crypto price trend as the MACD line trades above the signal line. The histograms are also green on the charts while both the lines are trading above the zero level.
The RSI broke out above the 14-day SMA and has been consistently advancing by taking support. That led the RSI to overbought zones, and the RSI again started to decline, breaking below the 14-day SMA.
Currently, the RSI is trading at a level of 61.45, which is above the 50 level and indicates the overall trend to be positive.
Summary
Although the volatility of the GMX crypto is high, the price of the crypto has been following a strong uptrend and is consistently rising. The technical indicators also indicate strength in the trend of the token price.
Therefore, if the price of the crypto further breaks above the wedge pattern and sustains above the same, new highs in the crypto might be seen in the upcoming days.
Technical Levels:
- Support levels: $34.60 and $41.30
- Resistance levels: $80.40 and $100.0
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.