GMX is a platform that allows users to trade futures contracts with leverage on two blockchain networks, Arbitrum and Avalanche. It has a special pool of assets that generates income from different sources, such as providing liquidity, swapping tokens, offering leverage, and adjusting the asset mix. GMX is also the token that gives users the power to govern the platform and share 30% of the platform’s income.
The maximum possible market cap of GMX (GMX) is $700,855,701, assuming that all 13 Million GMX tokens are already in the market. This is what we call the fully diluted valuation (FDV) of GMX. However, the actual number of GMX tokens in circulation may be much lower, depending on how they are distributed over time. Therefore, it may take a long time before the FDV is reached. This information is based on data from Coingecko, a website that provides crypto data and information.
As per Coinmarketcap, GMX crypto surged by 1.74% in market value but plummeted by 44.07% in trading volume in the last 24 hours. Its market value is $471,600,960 and its trading volume is $17,314,979. There are 8,930,495 GMX in circulation.
GMX coin’s (GMX) open interest is $19.89 Million. As per Coinglass, another crypto analysis website, it fell by 3.95% in the previous session. The long versus short ratio for 24 hours is 0.8911. The total number of short positions added in the last 24 hours is $23.17K against longs of $5.13K.
GMX Coin Price Technical Analysis in the 1-Day Timeframe
GMX coin price has been on a downward trend for the past month, decreasing by 6.72% during this period. At the time of publication, GMX coin price is trading at $53.20 and trying to take support on the trendline but facing rejection from the nearest resistance level.
Therefore, the GMX coin price could continue to move downwards and reach the first and second targets of $41.20 and $33.76. if it fails to maintain the current level. However, if the GMX coin price sustains the current level and rises, then it might hit the nearest resistance levels of $64.63 and $73.17.
At the time of publishing, the GMX coin price (KRAKEN: GMX) is trading below the 20, and 50-day EMAs (exponential moving averages), which are rejecting the GMX Coin price trend. Hence, GMX Coin Price prediction estimates the prices to move downwards, indicating a bearish outlook over the daily time frame chart for its price.
The MACD line at 0.66 and the signal line at 0.38 is below the zero line and gave a bearish crossover, suggesting bearish signals. The current value of RSI is 47.62 points and the 14-day SMA is below the median line at 47.54 points, which indicates a downward direction and bearish sentiments in the market for the GMX coin.
Conclusion
GMX coin price prediction highlights the bearish sentiments and perspectives of investors and traders regarding the GMX coin in the daily time frame. GMX price action reflects a pessimistic view at the time of publishing. Moreover, the technical parameters of GMX price suggest the continuation of the downtrend over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, provide negative signals regarding GMX coin price.
Technical Levels:
- Support levels: The nearest support levels are $41.20 and $33.76.
- Resistance levels: The nearest resistance levels are $64.63 and $73.17.
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/05/gmx-coin-price-prediction-2023-will-gmx-price-make-new-low/