GMX crypto piece is looking for buyers after crashing below the 200-Day EMA. The crypto is trying to hold near the lower levels forming weak and indecisive candles and trying to recover after a fall.
At the time of writing, the GMX crypto was at $43.70 with an intraday rise of 0.71%. The live market capitalization of GMX crypto is $411.32 Million and ranks 125th according to market capitalization. Also, the volume to market cap ratio is 2.91% indicating low volatility.
Earlier, GMX crypto turned around from its peak value of $65 and slumped in the last couple of weeks. The crypto dropped sharply, breaking below the 20-Day and 50-Day EMAs.
The 200-Day EMA acted as a support which was also broken in the 2nd attempt. The breakdown below the 200-Day EMA turned the sentiments negative after taking the price toward a three-month low.
The GMX crypto is trying to recover this week however, the volume inflow is not enough to put the price back on track. The price seems to be taking a pullback and might experience another wave of selling if it breaks lower.
GMX Crypto Price Action Analysis
Moreover, looking at the data for the past three to four months. It is observed that the GMX price has shown significant growth in the earlier three months except for January 2024. The crypto surged from a low of $35 in October 2023 to a peak value of $65 in December 2023 added over 70% to its market value.
However, the GMX price experienced high volatility in January 2024 and slipped to lower levels. The bears seem to be returning back in January as the price has broken below all the key EMAs, thus, turning bearish over the charts.
Currently, the GMX crypto is struggling to sustain near the three-month lows. Any breakdown below the recent swing low may unlock further downside potential till the $40 and $35 levels.
The technical indicators suggest the short-term bearish trend is extending. GMX crypto slipped below all the key EMAs suggesting weakness. At the time of writing, RSI was at 42.04 points and that of SMA line was at 38.5 suggesting a bearish outlook.
GMX Price Prediction February 2024
The most optimistic view of analysts estimates that the GMX crypto may attain a high of $50.04 by the end of February 2024. However, the pessimistic aspect of analysts suggests that the price could drop below $40 and $35.
GMX Crypto Price Prediction 2024
The price forecast for the year 2024 is that the GMX token price could reach a high of $74.8, suggesting a potential gain of over 70.01% if the most positive conditions prevail. Moreover, the less optimistic outlook of the analysts hopes the price could reach $59.32 by the year-end.
GMX Price Prediction 2025
By the year 2025, the GMX price may attain $93.71 as the highest price on the positive side. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $70.19.
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 or stock 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.
Source: https://www.thecoinrepublic.com/2024/02/03/gmx-crypto-smashes-200-day-ema-bearish-days-ahead-for-gmx/