- GMX crypto price is currently trading at $25.98 with a drop of 3.05% in the last 24 hours with a market cap of $246.25 Million.
- GMX’s crypto price decreased by 13.41% over the past seven days.
The bears seem to have a firm grip on GMX crypto as per its price prediction, and it needs to show signs of reversal before confirming a bearish trend. On the daily technical charts, GMX crypto price faces strong bearish pressure and trades below the 20, 50, 100, and 200-day EMAs.
Although buyers have made several attempts, the crypto has failed to break above its key resistance levels near the EMAs for the past few months. The crypto’s current intraday session trading price is around $25.9890, with a marginal drop of 3.05%.
The crypto has a potential upside target of $50, but it needs to overcome the bearish momentum and surge above the 200-day EMA. To prevent further upside, the crypto has a support level of $20. The technical indicators favor the bears, projecting a pessimistic perspective for the buyers.
GMX major EMA lines are acting as barriers, while the RSI and stochastic RSI oscillators are moving near the overbought zone.
The crypto’s performance could have been worse throughout the year, showing negative returns of 13.41% in the year-to-date period, 42.11% in the last six months, 41.99% in the last month, and 13.41% in the last week, indicating a persistent bearish trend that has not reversed yet.
Social Dominance and Social Volume Analysis For GMX Crypto
The spike on the graph displays that the social dominance and social volume have increased today which may favor the bullish momentum. If the interaction on social media about GMX crypto doesn’t decrease then it may leave a positive impact on the price.
Technical Analysis Of GMX Crypto Price In 1-D Timeframe
GMX crypto (USD: GMX) is trading below the 50 and 200-day daily moving averages (DMAs), indicating a bearish trend. The value of RSI is currently at 32.44 points, which is below the median line, further confirming the bearishness of GMX crypto.
Additionally, the MACD line is at -3.501586 and the signal line is at -3.857196, both above the zero line. However, a bearish crossover has been observed in the MACD indicator, which signals further bearishness for the GMX crypto price.
According to the weekly charts, GMX cryptocurrency has been experiencing a bearish trend due to the dominance of sellers. It has been moving upward but has broken below the key EMAs.
Technical indicators also suggest a bearish sentiment with the RSI near the oversold zone at 34 and the MACD forming red bars and a bearish crossover. These signals indicate that the cryptocurrency may face more upward pressure in the upcoming weeks.
Summary
The GMX cryptocurrency is facing strong bearish pressure and is trading below all of its key EMAs. Although the potential upside target for the crypto is $50, it needs to overcome the bearish momentum and surge above the 200-day EMA. The technical indicators favor the bears and project a pessimistic perspective for the buyers. The performance of the crypto has been negative throughout the year, indicating a persistent bearish trend. The MACD indicator has observed a bearish crossover, which signals further bearishness for the GMX Token price.
Technical Levels
Resistance Levels: $30.00 & $41.50
Support Levels: $24.00 & $20.00
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.