GMX price has shown a decline of 2.98% in the last 24 hours.GMX token’s price has been trading on a bull trend for the past couple of weeks. The current value of GMX is seeing a steep decline of 22% since mid-April as was predicted in the previous analysis. Presently the sentiments of the investors are moving into the fear zone. Though the price is trading near an important support level and just 8% below it is the price’s major support level near its trendline.
The price of GMX has been taking consistent support from its trend for the past 7 months; recently it has been respecting its 100 EMA support level. Hence the path of least resistance for the price is a bull trend.
GMX Price Crossing Below the 20 EMA on the (Daily Timeframe)
Source: GMX/USDT by TradingViewIn the Previous analysis, the price of GMX was trading around $76.94 after taking resistance from $90.00 GMX’s price saw a downfall of 15.55%. Near mid-April, it was estimated that the price can see a further decline of 13% in the near future if it does not get the buyer’s support at current levels
At present it is observing a total downfall of 23% in the daily timeframe. The price is currently trading near an important support level.
Technical Analysis ( 1 Day Timeframe )
Source: GMX/USDT by TradingView Presently, the price of GMX is trading above all the major key averages on a bull trend. It is currently taking support from 100 EMA around the price of $70.44, and its next support level is near the trendline, at the price of $69.43. The most recent resistance level for the GMX token is $74.84.
The RSI Oscillator is trading below the 14 SMA in 1 Day timeframe. The RSI line is trading around 37.64 points, it is facing resistance from the 14 SMA around 42.68 points. The RSI line is steadily moving toward the oversold level and it may decline further in the coming days before taking a reversal.
The stochastic RSI has been consolidating in the oversold levels for a few days. The %K line is yet to crossover the %D line below 30 RSI points. The current value of Stochastic RSI is near an extremely oversold level of around 1.77 points.
Conclusion
The major trend for the GMX token’s price is bullish. The price may see a further decline of 8% before taking a bullish reversal.
Technical levels –
Support – $70.44 and $69.43
Resistance – $74.84
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.
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
Latest posts by Andrew Smith (see all)
