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GMX price has hit a new all-time high of $77.38 after a 10% price change in 24 hours. The decentralized exchange (DEX) native token is now trading at $75.47, which is 1.70% below the record high. Price data by CoinGecko shows GMX accruing 48% of its value in 30 days, 27% in 14 days, and 5.6% in seven.
Investors and traders seem confident throwing all their weight behind GMX, especially with over 108 million in trading volume rushing in. The DEX token boasts $640 million in market capitalization as the 72nd largest cryptocurrency.
GMX is fast becoming the most preferred DEX in the market, allowing buying and selling of coins such as BTC, ETH, and AVAX. Investors on this platform can access up to 50x leverage direct from their wallets.
As a DEX, GMX does not take custody of assets being traded on the platform. Trades are executed directly from the investors’ wallets. The popularity of DEXs grew significantly following the implosion of FTX. Centralized exchanges (CEXs) like the fallen FTX and Binance take custody of the assets traded on their platforms.
Some people consider this arrangement a time bomb waiting to go off. CEXs are prone to hacking attacks not to mention poor management and embezzlement. With DEXs all these risks are eliminated, leaving traders and investors in control of their holdings.
GMX price continued with the new year rally this week supported by several partnerships, including the integration of TradingView, the most popular charting site into the DEX platform.
Traders can now directly access most TradingView features on GMX, in a development that would see them customize charts with drawings and indicators. Market participants who prefer TradingView for their charting needs would find GMX a suitable option compared to other DEXs, raising the stakes.
GMX Price Consolidates Gains After Reaching New All-Time High
Bulls managed to absorb the selling pressure in the first week of February. Declines came into the picture as the entire crypto market reacted to the Federal Reserve (Fed) decision to hike interest rates by 0.25%. Although market participants expected the same figure, markets did not respond positively.
Support at $60.00 came in handy, aided by the upper rising trend line (dotted), as observed on the daily time frame chart. If losses overshot this support, the 50-day Exponential Moving Average (EMA) (in red) at $57.51 would have come to the bulls’ rescue.
Furthermore, the 100-day EMA (in blue) holds slightly below the same support line. A major ascending trend line also sits marginally below the 100-day EMA and has defended GMX price twice – in November and January.
As investors celebrated the integration of TradingView into GMX DEX, the price rallied to $75.00 but a candle wick prolonged the leg to a new record high of $77.38. As GMX price consolidates the weekly gains, bulls must ensure they defend higher support, preferably at $75.00. If push comes to shove, the buyer congestion at $70.00 would come in handy.
A bullish outcome is most likely considering a recently confirmed buy signal from the Moving Average Convergence Divergence (MACD) indicator. Notice the MACD line in blue stepping above the signal line in blue. The momentum indicator appears to have abandoned movement heading to the mean line (0.00) and now upholds the renewed uptrend in GMX price.
Support at $75.00 and $70.00 would go a long way to keep the uptrend intact. GMX price might settle for sideways action between $70.00 and $80.00 in the short term to allow bulls to collect more liquidity as investors stream in to capitalize on the next move to levels beyond $100.
GMX Price Uptrend Holds Steady
GMX rally has rewarded all investors across all clusters based on on-chain data from IntoTheBlock. As illustrated in the IOMAP model below, all 31.61k addresses are currently in the money. In other words, there is a high probability the rally will carry on as FOMO hits investors to join the bulls’ field day for an upswing above $100.
Nonetheless, we cannot immediately rule out the possibility of a pullback, especially with GMX price sustaining a rally for almost two months in a row. Profit booking could the biggest contributor to the selling pressure.
The same IOMAP model highlights a massive support area, running from $67.89 to $69.04. The four addresses that bought 24.31k GMX in this range would help stabilize the token in case of a trend reversal. As long as GMX holds above this support region, the path with the lease resistance may stick to the upside.
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Meta Masters Guild – Play and Earn Crypto
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- Round One of Token Sale Live Now – memag.io
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Source: https://insidebitcoins.com/news/gmx-price-rally-unstoppable-with-all-addresses-now-in-profit-is-it-too-late-to-buy-gmx