- The GMX price experienced an increase of 32.89% during the monthly trading session.
- The trading volume has increased by 70.75% in the last 24 hours.
- Technical indicators summary suggested a positive signal in the current trading sessions.
Launched in September 2021, GMX is a decentralized exchange (DEX) for trading perpetual cryptocurrency futures. It is a leading derivatives DEX on Arbitrum and Avalanche Blockchain. The platform has 283K users and a trading volume of over $130 Billion. It offers up to 50X leverage on popular cryptocurrencies like BTC, ETH, and more. These ecosystems are connected to the exchange via a cross-chain bridge called Synapse.
GMX Witnessed 86% growth Since September 2023
The GMX coin price showed a tremendous positive U-turn in September 2023. The price grew 14.73% during the September 2023 trading sessions. On the other side, the positive price change intrigued many investors for the upcoming months.
Consequently, GMX crypto reflected consistent growth in the 2023 fourth quarter. The price surged over 36% during the last quarter of 2023. Despite being positive in the previous quarter, the price suffered negative sentiments in January 2024.
However, the price has experienced positive returns since February 2024. The price created a decisional bullish point of interest at $44.53, which can be a perfect entry point for the bulls if the GMX price goes down.
Volume Analysis of the GMX Token
The GMX volume history shows that the token experienced the highest trading in March 2023. The volume reached almost $250 Million, reflecting this token’s popularity. Afterward, it faced some negativity and bounced back in October. Currently, the GMX volume is growing at $66 Million with an increase of 71%.
TVL, Market Capitalization, and the GMX Price Comparison
The green lines reflect the GMX price, which is moving parallel to the market capitalization. It shows that the market capitalized and price are bound to each other. However, from a closer look, the market cap has been increasing since February 2023, and so has dominance.
The total value locked for the GMX is $679.91 Million. The current market cap. Stands at $550.91 Million
GMX coin has a total supply of 9,497,964; the maximum supply is unlimited, per the CoinMarketCap.
Technical Analysis of the GMX Price
The exponential moving averages recently made a bullish crossover at $49.98. The price has rebounded by the 50-day and the 200-day EMAs, making them a dynamic support.
Conversely, the relative strength index (RSI) reflected an internal bullish divergence in the momentum. It is an indication of a shift in strength towards the buyers in the current phase. RSI is sloping at 61.42, slightly below the signal line.
GMX coin price has taken support on the $50.00 after facing resistance from the $59.85 level. It spiked to $68.11, reflecting a positive indication of bullish bias. The price can attain the $80 mark as a target for April 2024 per market observers.
Summary
GMX is a decentralized exchange that has a substantial amount of liquidity and users. This platform got much appreciation in mid-2023. It reflected a positive attitude of investors, which can help GMX achieve more social dominance. Analysts predicted the GMX crypto price to reach $80 by April 2024. However, the price should not cross below $41.00.
Technical Levels
- Resistance: $65.32 and $79.31
- Support: $50.10 and $41.00
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.