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- 1 The GMX crypto asset is demonstrating bullish strength and upward momentum as it is above the 20-Day EMA and approaches a major 50-Day EMA.
- 2 The GMX asset is displaying bullish qualities from last week as it has presented good performance.
The GMX crypto was in uptrend and it followed a parallel wedge and showed growth from $32 to $64. however, the price met the supply region and fell drastically and broke the range of the parallel wedge.
However, the GMX crypto has shown a sign of comeback as the price showed some recovery spikes from a key level of around $39 on the chart.
Moreover, the GMX crypto asset is demonstrating bullish strength and positive momentum as it is above the 20-Day EMA and approaches the 50-Day EMA.
On top of that the crypto asset is strongly exhibiting bullish strength as the MACD indicator has formed a bullish crossover, signifying bullish strength is reviving on the current important price level.
The RSI is taking support on 14-SMA, implying that the GMX crypto asset is approaching the positive territory and can push further up after crossing the median line of 50. meanwhile, the RSI curve is at 47 and the 14-SMA smoothened line is at 42.
On looking at the crypto’s past price action in the last three months, the price hasn’t moved big in either direction, symbolizing a lack of earlier momentum. however, the GMX asset is displaying bullish qualities from last week as it has presented a good performance of 3.50% and could be the start of one steady upward movement. This could lead the price to advance further.
The crypto declined 1.33% in the last 24 hours, and was trading at $44.860 at press time.
The GMX crypto seems like is getting ready for a massive surge, as it builds up strength by harnessing more buyers to blast through the barrier above and skyrocket to new above levels the current crucial support. However, if the GMX price fails to stay above the $39 level, it could decline further.
Summary
The GMX crypto has shown a sign of a comeback as the price showed some recovery spikes from a key level. Moreover, the GMX crypto asset is demonstrating bullish strength and upward momentum as it is above the 20-Day EMA and approaches a major 50-Day EMA.
The crypto asset is strongly exhibiting bullish strength as the MACD indicator has formed a bullish crossover and the RSI is taking support on 14-SMA. Therefore, if the demand for GMX accelerates, the asset price could bounce back to retest the supply level from the current support level.
Technical Levels
Support Levels: $39
Resistance Levels: $47
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
