GMX crypto is currently giving a buy signal on the charts, indicating a potential bounce back from its recent downtrend. The price is approaching a key support level, where it could pause or reverse its decline, making it a good opportunity for short-term buyers.
With a current price of $26.02 and a market cap of $233 million, GMX has a circulating supply of 8.96 million tokens and a total supply of 13.25 million tokens. The recent bullish breakout from an Ascending Triangle pattern led the price to reach a target of $45 resistance zone, resulting in a 20% gain. However, the price was rejected at $45 and pulled back to $23 support, offering a potential swing trade entry with upside potential to $30.
The weekly price analysis shows a 1.4% increase in the past 7 days, with a high/low range of $27.15 to $25.50. The short-term, medium-term, and long-term trends are all currently classified as strong downtrends, but the price momentum is neither overbought nor oversold based on RSI levels.
Support and resistance levels for GMX are at $23.00 and $30.00, respectively, with additional resistance at $35.00. Recent news surrounding GMX includes significant whale buying activity, new integrations with DeFi platforms, and a growing community engagement.
Overall, this analysis provides a comprehensive overview of GMX’s current market standing and potential future trends. For more in-depth analysis of any cryptocurrency, interested individuals can join the Telegram channel for on-demand updates.
