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- 1 The crypto declined 1.89% in the last 24 hours, trading at $51.03 at press time.
- 2 The technical tools imply a bullish overview above the 20 and 50-Day EMAs.
The GMX/USD chart displays a boost from the dynamic support levels of the 20 and 50-Day EMA bands on the daily chart. It looks like a rally. In September 2023, GMX price advanced from the demand zone at $32 to $64 by December 2023 which was a 2x gain.
The past structure failed to move past $64, plunged and formed support at the $40 support level. Thereafter, the GMX crypto revealed a sign of a strong recovery as the price rallied from a crucial level of around $40.
Can GMX Crypto Extend Its Gains?
It seems like the GMX/USD crypto is geared for colossal gains, as it harnesses strength to wreck the resistance level above and rocket to new peaks by surpassing the supply zone. The GMX crypto asset is showing strong bullish strength and rising tendency as it holds above the 20 and 50-Day EMA bands.
Technical indicators for GMX/USD are portraying bullish properties. The MACD shows a bullish crossover above the zero line with a broad histogram gap between both lines. MACD line is at 1.6218, the signal line is at 0.8787, and the histogram is at 0.7432.
The RSI is not near the 70 level yet, the curve took support from the 14-SMA line, indicating that the GMX asset is headed for the extreme overbought territory. It could stretch its gains directly or could go higher after consolidating for a while.
Overall analysis suggests that GMX/USD crypto asset is showing bullish signs and that it has the potential to grow. Its performance in the past week, month, and quarter by 6.61%, 18.04%, and 5.28% respectively highlights a strong uptrend.
At the time of publishing, the crypto had declined 1.89% in the last 24 hours, trading at $51.03. The trading volume in the last 24 hours on major tradeable platforms is $40.47 Million, market capitalization is $483.89 million, and circulating supply is 9.47 Million.
Therefore, if the demand for the crypto remains at its peak, the GMX price could continue to advance from the current level. Then, the next goal for the price could be to reach $60 and with resistance from $55.
Another possibility would be that if the crypto price fails to stay above the $45 level, it could decline further.
Summary
The GMX price highlights the bullish sentiments and perspectives regarding the crypto asset in the daily time frame. Therefore, if the demand for the crypto remains at its peak, the GMX price could advance further from the current level. Then, the next goal for the price could be to reach $60 with resistance at $55.
Technical Levels
Support Levels: $45
Resistance Levels: $55
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.
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.
