- The GMX price is currently trading at $76.52 while seeing a change of -35% in 24-hour trading volume.
- The GMX price has been observing a decline of 2.73% in the last 24 hours.
GMX price is trading on a bull trend above the 200 and other major EMA’s. Despite the recent bearish sentiments in the overall market, GMX price is getting strong buyer support and the price is also moving on a proper bull trend. Although according to the ongoing price action, a small correction is in order.
As of now, the price is trading near the 20 EMA; making a double top (M) pattern. The sellers seem to be pushing the price down. The making of a red candle below 20 EMA suggests that the price might start moving toward its next support level which is 4% below the current price near 50 EMA. The 50 EMA is a strong support level for GMX price as it has taken support from it multiple times during historical price action.
GMX price crossing below the 20 EMA on the (Daily Timeframe)
The majority of market sentiments are currently is near the greed zone at 65 points. According to the greed and fear index provided by the Alternative (dot) me platform which measures market sentiments through different sources. It is seeing a decrease of 3 points within a short span of time where the sentiments were at 68 points.
The bears are currently overwhelming the price of GMX token across most of the major cryptocurrency exchange platforms by 50 – 54% percent according to the Coinglass. A cryptocurrency exchange information platform.
Technical Analysis ( 1 Day Timeframe )
The price of GMX is trading above all the major key averages. It is currently taking support from the 50 around the price of $73.53 whereas its next support level is at 100 EMA respectively around the price of $67.44. The recent resistance level for the GMX token is around $80.27.
The RSI is currently trading above the median line. It is making a higher high and higher low pattern. The current value of RSI is around 50.97 points and it is taking resistance from the 14 SMA which is around 53.25 points.
Conclusion
The major trend for the GMX token’s price is bullish. Although according to the historical price action, the GMX token is due to make a small correction. If the price gains buyers from its recent support level the price might make a minor correction of 4%. However, if it does not gain support price can lose 13 percent of its value.
Technical levels –
Support –$67.44 and $73.53
Resistance – $80.27
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/04/12/gmx-price-analysis-will-gmx-price-see-a-bearish-decline/