- The GMX crypto price is trading below the significant moving averages which showcases the bearish trend.
- GMX price has been struggling between the $40 and $60 levels for the last 4 months.
On a wider time frame, the GMX price has been falling resistance from the $60 mark for more than a year. For a year, the GMX price has faced resistance thrice from the $60 mark and every time, it witnessed a fall of approximately 30%. $60 is essentially acting as a supply zone.
In the first week of March, the GMX crypto price reached the $60 mark, and panic selling resulted in a fall of 29% in just two days. But the losses were recovered in a week and it attempted again but sellers were strong enough and dragged down the price to the $40 mark in a week.
GMX has slipped below the 200-day exponential moving average showcasing the negative forecast. RSI is at 41 which is continuously heading toward the oversold zone. Overall, the technical indicators are favoring bearish momentum.
GMX Crypto Price vs Volume Analysis
According to the graph of price and volume, the trading volume has dropped from $100 Million to $26 Million since the beginning of March, and the price has also dropped with the trading volume. The trading volume has dropped by 50% in a week and the price has declined by more than 20%.
GMX Crypto Social Dominance vs Social Volume Analysis
The social dominance and social volume graphs have declined for the last few months which means the awareness and information on social media like X, Instagram, and Telegram have decreased. If the social dominance and social volume graphs increase, then it may affect the GMX price positively.
GMX Price is Struggling Below $60 Mark; Will It Trigger a Breakout?
On the daily time frame, the GMX crypto price has been facing resistance from the $60 mark for more than a year. Recently, it has faced resistance from the $60 mark and sellers have dragged the price to the support level of $40.
Currently, the GMX price has slipped below the significant moving average and heading toward the $40 mark. If the GMX coin price takes support on the $40 level and starts trading over the 200-Day exponential moving average then the buyer may lift the price to the $60 mark easily.
Suppose the price approaches the $60 mark and triggers a breakout after consolidating for a brief period, then buying momentum for the next few weeks can be expected.
On the other hand, if the GMX price slips below the $40 mark sellers may lead the trend and it may melt to the $30 mark in the next few months. But if the price fails to defend the $30 mark, it may record a new all-time low.
GMX Price Prediction on 4-H Timeframe
The GMX coin price is trading at $45.07 which has dropped by 3.26% in the last 24 hours. The market capitalization is $429.37 Million and the 24-hour trading volume is $25.99 Million which has decreased by 44%.
In a 4-H time frame, the GMX crypto price has been declining through a declining channel. Recently, it has triggered a breakout from the channel but it is facing resistance from the 20-Day exponential moving average.
If the price drops below the $45 mark then the sellers may drag down the price to the $40 mark. But if the price bounces back and surpasses the $50 mark then it may approach the resistance level of $60.
Conclusion
According to the technical chart, the GMX price has been struggling to surpass the $60 mark for a year but sellers are strong at that level. Every time, the price is facing resistance from the $60 mark and declining by approximately 30% in a few days. For the last 4 months, the GMX crypto price has been struggling between the $60 and $40 levels. If a breakout is triggered from the $60 mark, then long term buying momentum is likely to follow.
Technical Levels
Resistance Levels: $50.00 & $60.00
Support Levels: $40.00 & $30.00
Disclaimer
This article is for informational purposes only and provides no 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.