GMX Token Price Prediction: Will GMX Successfully Cross the $85 Level?

GMX token has been attempting to sustain above $80 for the past few days. The immediate hurdle of $85 was the strong wall that the bulls are yet to break. GMX climbed from the past sessions and maintained a grip over significant moving averages. The bulls continued to form higher-highs and higher-lows and climbed upside. Moreover, the price action shows that the bulls are trying to retest and smash $85. In the last session, GMX bounced from its 20 EMA gaining 10%, showing that buyers continue to make long positions.

At the time of writing, GMX token is trading at $78.90 with a gain of 1.90%. The trading volume jumped by 70% in the last session. The market cap also increased by 1.90%. The pair of GMX/BTC is at 0.002831 satoshis with a gain of 4.40%.

GMX token on the daily chart is Close to the Resistance Mark

On the daily chart, GMX token is trying to close above a strong supply zone which has acted as a barrier for the past few days. However, the bullish intent is strong. The bulls look to register a fresh break-out in the upcoming sessions. The price action shows that the token bounced from the demand zone, and that the buyers continued to accumulate in the recent sessions.

GMX token is trading above the Fib level of 50%, indicating strong bullish intent. Moreover, the bulls are trying to sustain above the 61.8% level, which is the $85 resistance mark. If the token holds above $80 in the short-term, the price rally could also rise above $88 in the short-term. However, the price is on the support mark of $78.

Short Term Chart: ‘Unwinding’ movement

GMX token on the 4-hour chart shows retracement from the higher-highs. The price action indicates that the bears are preparing for another throwback from the strong resistance. If the bears succeed, the token will retest support range near $70.

The RSI dropped from the overbought region and paused near 60. If it continues to fall toward the neutral zone, the token will lose its strength and head back toward the 50-day EMA. The MACD indicator also indicates uncertainty, as the crossover came to an end. The bears might be waiting to strike down and produce a downtrend as the token nears the supply zone.

Technical Levels

Support levels: $70 and $60

Resistance Levels: $85 and $90

Conclusion:

GMX token is still trying to create a new era above $85, which investors have waited for the past few days. The bulls are preparing the legs to again run beyond the crucial range to test.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing