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GMX Price Analysis: Will GMX Price Return to the Bears?

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GMX Price Analysis: Will GMX Price Return to the Bears?
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The price of GMX is presently observing a severe decline in its value on the daily timeframe. It is currently trading near an important resistance level below the key EMA’s. The price recently made a positive rally gaining 7.47% value though the major trend for the GMX token is bearish. It has been making a lower high and low pattern for the past few months, If the price takes another resistance from current levels it can see a further decline of 6.16% within the next few weeks.

The technical indicators are in all respects supporting the sellers. EMA and MA levels are providing severe resistance to the price. The current value of the GMX token is $56.13 and it has a market cap of $491.94 Million.

GMX Price is Observing Decline In Bullish Sentiments

GMX Price Analysis: Will GMX Price Return to the Bears?
Source:  GMX/USDT by Lunar Crush

The investors regarding the GMX price are seeing a slight decline in the bullish sentiments. Total bullish sentiment metrics fell by 46.7% within the past week. Despite a negative decline in most of the parameters, total medium value is observing a dramatic surge of 300%, which indicates that the community is getting more active regarding the GMX coin in the medium platform.

Greed Index Of Major Market Views

GMX Price Analysis: Will GMX Price Return to the Bears?
Source: Alternative(dot)me

The overall market sentiments are trading slightly above neutral levels at 53 points. The sentiment index is observing an increase of 2 points within the last 7 days when the market was trading at around 51 points, In accordance with the greed and fear index by the Alternative(dot)mea.

Technical Analysis of the GMX Price

GMX Price Analysis: Will GMX Price Return to the Bears?
Source:  GMX/USDT by Trading View

The RSI is at the present moment consolidating near its previous resistance level. The RSI line is moving around 58.42 points, whereas the 14 SMA is around 51.02 points near the median line. The RSI line is predicted to see a decline in its value if it breaches the 50 RSI points.

The stochastic RSI is indicating a negative downfall from the current value. The current value of stochastic RSI is 90.35 points.

Conclusion

Presently the price of GMX is trading near the supply zone on the 1-day chart. Observing the historical price action it is predicted to see a further decline in its value.

Technical levels –

Support -$0.800

Resistance – $1.000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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