GMX Price is a new crypto project that aims to create a fast, secure, and user-friendly decentralized exchange platform. GMX uses Arbitrum layer 2 to achieve low gas fees, high throughput, and Ethereum compatibility. GMX rewards users for holding, staking, providing liquidity, and trading on the platform. GMX supports various assets, such as spot, perpetual, and synthetic markets, and lets users create their own markets. GMX has a governance system that lets the community decide on the platform’s future. GMX also shares information about its team, roadmap, and token sale. GMX invites readers to join its community and launch.
GMX’s (GMX) open interest is $12.91 Million. As per Coinglass, another crypto analysis website, it fell by 0.57% in the previous session. The long versus short ratio for 24 hours is 0.8685. The total number of short positions added in the last 24 hours is $3.70 K against longs of $1.27 K.
GMX crypto rose by 0.64% in market value and rose by 48.10% in trading volume in the last 24 hours, as per CoinMarketCap, a crypto data analysis website. GMX’s market value is $304,858,071 and its trading volume is $16,211,492. There are currently 9,002,772 GMX in circulation.
Technical Analysis Of GMX Crypto in the 1-Day Timeframe
The GMX crypto price has been plummeting for the last six months by 60.09%, losing more than half of its value and creating lower highs and lows.
The GMX crypto price is under a lot of selling pressure and declining every day. It is following a downward trendline that is resisting the price and indicating bearishness. The price went below the 50.00% Fibo level on May 8th, 2023, and continued to fall. The bears are in control and the price is not able to bounce back.
The GMX crypto price might keep falling and reach or break the support levels of $31 and $28 if it does not maintain the current level and drops more.
On the other hand, if the price holds at the CMP level and breaks above the trendline, then it might reach the nearest target resistance levels of $38 and $42.
The GMX crypto price is under the 20 and 50-day exponential moving averages, which are resisting the GMX crypto price.
The MACD line, at 3.09, and the signal line, at 3.39, are both below the zero line. They have crossed and are close to each other, which indicates the price is not changing much as shown in the MACD oscillator. The current value of the relative strength index (RSI) is 36.98 points, and the 14-day simple moving average (SMA) is below the middle line at 31.85 points. These indicators together suggest that the market has neutral to bearish sentiments.
Conclusion
GMX crypto price prediction indicates the neutral to bearish sentiments and perspectives of investors and traders regarding the crypto in the daily time frame. GMX price action highlights a consolidation to a negative outlook at the time of publishing. Moreover, the most sought and reliable technical oscillators like RSI, EMA, and MACD suggest the continuation of neutrality over the daily time frame chart regarding the price.
Technical Levels:
- Support levels: The nearest support levels are $31 and $28.
- Resistance levels: The nearest resistance levels are $38 and $42.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/07/gmx-price-forecast-2023-can-bulls-rebuild-control-over-charts/