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- 1 The price of GMX is currently trading near $54.46 with a fall of 1.23% in the 24-hour trading volume.
- 2 GMX is up by 10.43% through the week.
GMX price prediction indicates that there is an increased selling pressure in the price action of GMX token. The overall technical indicators are supporting the sellers. According to the analysis the price of GMX present is facing crucial resistance from its recent resistance level. If the buyers fail to provide substantial support to the token it can see a further decline in its value.
Presently, the price of GMX token is making a narrow consolidation in the supply zone. Price consolidation indicates that the buyers are hesitating to support GMX price further. According to the analysis, the possibility of a bearish reversal of the token is more probable in the near future as GMX is facing resistance from the 200 EMA level, which is a crucial barrier. The buyers may find it challenging to support the token further.
Change In Bullish Sentiments of the Investors Regarding GMX token
Investors’ sentiments are seeing a decline in the bullish sentiments according to LunarCrush. The total bullish sentiment parameter is seeing a fall of 67.63% on the 4-week time frame which indicates that the bulls are not as positive as before regarding the token.
The total shared link metric has surged by 31.57% whereas there is a slight decline in the 24h trading volume.
GMX Price Prediction: Technical Analysis on Daily Chart
The EMA and MA levels are acting as crucial rejection points to the price. The price of GMX token is consolidating just below the 200 EMA. Both stochastic RSI and RSI lines have reached their respective resistance levels. Investors may prefer to wait for a negative reversal from the oscillators before making a decision regarding the future trend.
The current RSI value of the GMX token is 54.98 points. The RSI line is presently moving near the median liner taking support from the 14 SMA levels around 46.34 points.
Conclusion
According to the analysis, the technical indicators are supporting the sellers. The possibility of a bearish reversal of the token is prominent in the near future as the GMX price is facing resistance from the 200 EMA level which is a crucial barrier.
Technical Levels:
Support -$40.00
Resistance – $60.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
