Bulls Down; Will The EMAs Come to Rescue?

GMX is among the select few cryptocurrencies that have experienced an uptick in value since 2022. Even during the bear market, it has performed well. 

It is completely decentralized and offers an everlasting contract trading platform. That enables users to leverage up to 30X with their trades while supporting a nominal swap fee and zero price impact trades.

Investors Are Taking Interest in GMX

Due to the price rally, there has been an increase in social volume as more investors take an interest in this altcoin. As concerns about centralized cryptocurrency exchanges, investors are becoming more interested in altcoins. They serve as utility and governance tokens for decentralized exchanges that are both spot and perpetual.

The US government thoroughly inspected a major exchange, which ultimately crashed in 2022. 

The U.S. Securities and Exchange Commission’s listing of tokens as securities has faced criticism from exchanges such as Coinbase and Kraken.

However, GMX has shown promising returns for investors at the beginning of the year. Over the past 7 days, this digital asset has surged by more than 35%. During this period, the GMX crypto price achieved a high of $63. 

However, after a nearly 10% drop, the token has retraced to trade at $57.50 in the past 24 hours. Nevertheless, sentiments still indicate a positive path in the upcoming weeks and months.

Technical Analysis and Prediction of GMX Coin Price 

Despite experiencing a bearish start, GMX managed to recover and display signs of strength. 

During the start of this year, the GMX coin price initially declined. It later demonstrated a significant increase, indicating a potential for further growth. As a result, the GMX price surged from an intra-day low of $58.21 to a 30-day high of $64.14, propelled by bullish investors. 

During the bull rally, GMX’s market capitalization and 24-hour trading volume also increased by 7.63% and 152%, respectively. However, the rejection came at a major resistance level of $64.43.

At present, GMX bulls continue to fall in the market, with the price reaching a low of $48, which is near to 30% down from the above-discussed major resistance level. The 150-day EMA was at $48 which is likely to provide support.

If it doesn’t, there is a support level at $44 that can be the next target for the bulls to rely on. Overall the short-term GMX crypto price prediction will be bearish if the support is broken. 

Conclusion

GMX is a decentralized cryptocurrency that has performed well despite the bear market. It offers a contract trading platform with leverage of up to 30x. The current market trend for GMX is bearish, with the price falling almost 30% from the primary resistance level. If support is broken, the short-term prediction will be bearish.

Technical Levels

• Support Levels: $44.7 and $35.3
• Resistance Levels: $55.8 and $64.7

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 other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.