The GMX Crypto price forecast suggests the token produced an interesting declining pattern. It struggles to move above 20, 50, 100, and 200-day exponential moving averages.
The GMXUSD price forecast shows that the token is trying to break the upper trendline on the daily time frame chart. The GMX crypto needs to increase the positive momentum in order to break out from the descending pattern. However, sellers may approach upper levels, which is acting as a resistance to the crypto price. The 24-hour trading volume is 26.086.
The GMX/USD price action implies that investor sentiments regarding the GMX token are bearish. Investors may prefer to keep a keen watch over the crypto. Presently, the GMXUSD price is below all the key EMA and MA levels.
The present value of GMX is $40.793596 and It has a market capitalization of around $381.902 Million with a circulating supply of 25.823 Million.
GMXUSD has performed poorly so far this year. Year-over-year returns are 26.29% while returns over the past 6 months are negative 19%. The return was 12.07% last month and 21.54% last week.
Technical indicators are signaling selling pressure while the technical oscillators showing bearishness. The moving averages are also on the strong sell side. It shows bearish dominance in the market.
Technical Analysis of GMX Crypto Price in 1-D Timeframe
At the time of publishing, GMX crypto (USD: GMX) is trading below the 50 and 200-day exponential moving averages, which shows bearish momentum.
The MACD line at -2.007845 and the signal line at -1.466658 are below the zero line. A bearish crossover is observed in the MACD, which signals more bearishness for the GMX crypto price.
GMX Crypto showed seller dominance and short-term charts indicating profit booking in Crypto. Moreover, the price is trading below the major EMA, indicating further weakness for the cryptocurrency.
The RSI curve is near the oversold zone, with a pessimistic outlook showcasing bearish sentiment in the cryptocurrency. The MACD indicator also continued to form a red band and a bearish crossover appeared, indicating a corrective move.
Summary
The GMX price technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the GMX crypto price. The price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
Support Level: $34.409.
Resistance Level: $48.401.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
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/2024/01/23/gmx-crypto-will-the-gmx-price-rebound-from-lower-levels/