GMX Price Prediction: Will GMX Price Reach $100 Mark by 2023-end?

• GMX price prediction favors the bulls, suggesting a rise in the long term.

• GMX price sustained above 50-day EMA showcasing an uptrend.

• GMX crypto price defended $60.00 and formed a bullish continuation pattern.

GMX price prediction favors the bulls and suggests a rise in the long term. GMX crypto price has performed well in the past couple of months and is forming a bullish continuation pattern. 

It is sustaining above the 50 day EMA indicating that the positional trend is in the upward direction. GMX crypto trading volume is on the rise and follows in the same direction, indicating that genuine buyers are accumulating from the lower levels.

GMX price is trading at $73.39 with an intraday rise of 2.34% and 24-hour volume to market cap ratio at 0.1362. The GMX/BTC pair is trading at 0.002710 BTC with an intraday rise of 2.65%, which shows high correlation between the direction of both the pairs. In the beginning of February, GMX price held the 50-day EMA and gained some positive momentum. Prices later began to rise upward by forming higher-high candles and rallied about 68% in one month. 

GMX price lacked momentum near $90.00 and ended up forming a bearish shooting star candle. Thus, $90.00 will act as a strong hurdle level for the bulls in the coming months.

Will GMX Price Continue to Rise?

GMX price witnessed minor profit booking from the supply zone. The bears tried to break down the $50.00 support. Luckily, the global market sentiment improved and GMX price gave a strong rebound from the lower levels. 

GMX crypto price formed a bullish hammer candle near support suggesting responsive buyers are active at demand zone. Technical analysis suggests, GMX price is in the bulls’ grip and that more upward momentum is possible in the coming months. However, if the price drops below the 50 day EMA, then bears might try to pull the price further down toward the previous lows at $52.00.

GMX Price: Technical Outlook

GMX price forms a bullish continuation pattern and rising volume shows buyers are coming back on track. However, the GMX price will gain momentum when the bulls succeed in breaking out of the $90.00 hurdle level.

Technical indicators like MACD generated a negative crossover but the curve reversing upward indicates mild bullishness.The RSI at 50 sloping sideways shows the bullish and bearish forces neutralising each other.

Conclusion 

GMX price prediction favors the bulls and suggests a rise in the long term. GMX crypto price is in uptrend and expected to continue the upward momentum in the coming months. Technical analysis suggests, GMX price is in the bulls grip and might reach $100 by 2023-end.

Technical levels

Resistance levels : $90.00 and $100.00

Support levels : $60.00 and $52.00

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. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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