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- 1 GMX has observed a decline in the TVL with a total users of 195,669 as per Dune analytics
- 2 GMX price has seen a decline of 17% in the past seven days. It is currently trading near the value of $37
GMX is a decentralized exchange for trading perpetual cryptocurrency with a leverage up to 50X. It uses AMM instead of an orderbook to make a trade happen. The DEX runs on the Arbitrum and Avalanche blockchain which are connected through the cross chain bridge. The ecosystem is based on the two tokens named GLP and GMX. Meanwhile, a user can add liquidity by minting GLP and can receive 70% of the fees in return.
GMX has observed a total volume of $130 Billion with a total fees collected of $220.5 million. The total users of the protocol is around 195669 as per the data collected by the Dune Analytics. Meanwhile, the total amount of Open Interest opened on the exchange has been seeing a significant rise in the past few months.
GMX has a market cap of $329 Million and is ranked 92nd in the crypto-verse. The volume of the asset price has observed a surge of 10% in the past 24 hours. The volume to market cap ratio of the asset price suggests a weak recovery in the price.
Are Bulls Of GMX Ready To Push The Price?
On the weekly technical chart GMX has observed a decline of over 17% marking a strong presence of bears. On coming to the daily chart the asset price is observing a weak recovery and is trading near the value of $37. The upside trend of GMX can see a halt near the value of $45. Meanwhile, in the downside trend the asset price can see a bounceback from the $30. GMX is currently trading below the 50 and 100 Daily Moving Averages. It can act as a temporary resistance for the price in the near future.
The RSI of GMX is near the value of 25 suggesting its presence in the oversold zone. The overall sentiment of the RSI for the asset is weakly bullish.
Summary
GMX token price has recently stumbled and is looking for a strong recovery. The TVL of the protocol has also seen a decline and has reached $492 Million from the highs of $700 Million. Meanwhile, the overall users on the protocol have been seeing a rise from the past few months. Various analysts are expecting a strong rise in the asset price in the near future.
Technical Levels
Major Support:$30
Major Resistance: $45
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 or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
