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- 1 GMX crypto has been on the rise for the past three weeks, recovering the earlier losses.
- 2 At the time of writing, GMX price was trading close to $57.4, recording an intraday rise of 1.78%.
The GMX price is edging higher on Tuesday to erase the previous losses. The crypto started off the week on a negative note and fell nearly 4% on Monday. However, the buyers made a comeback in the early morning session on Tuesday intending to recover the losses.
Moreover, the weekly chart shows that the buyers have been in complete domination in the past three weeks as the weekly chart shows back to back three strong candlesticks. The recent price surge has helped the crypto erase losses and break out of a short term correction phase.
Currently, GMX crypto is hovering near the previous supply zone and the round level of $60. Now, if the sellers fail to make a comeback and drag the price at the lower levels then it may attract more buyers at the CMP.
Fresh upside moves may be observed on the charts if the buyers are able to surpass the hurdle of $60. The short term trader and investors may look for a price target of $70 and $75 if the crypto registers a strong breakout.
GMX Crypto: Significant Rise in Volume in the Recent Sessions
Moreover, the GMX crypto price surge is supported by a significant rise in volume in the recent sessions. As per the data obtained from the sources, the crypto has received $65.76 Million in volume in the recent sessions, with an increment of 36.46% in the past 24 hours, indicating rising volume inflow. Also, the volume to market capitalization is 11.96%, suggesting mild volatility in the crypto.
Do technical indicators imply volatility in the short term?
From a technical perspective, the GMX cryptocurrency trades higher than the 20 and 50-Day EMAs, suggesting a positive outlook on the daily charts. Moreover, looking into the data, charts show frequent crossovers of the EMAs, suggesting a bullish outlook.
At press time, the MACD line and the signal line were placed above the zero line, suggesting the prevalence of a positive trend. Moreover, a bullish crossover and divergence was observed on the charts, indicating the continuation of the trend.
GMX Price Prediction for March 2024
The most positive outlook of our analysts expects the GMX crypto to reach a high of $72.5 in the near term if the buyers surpass the hurdle of $60, which is the recent swing high.
On the other hand, the negative outlook of our analysts is that the price could break below the dynamic support of 20-Day EMA and a round level of $50, after which the GMX token price could drop to the lower demand zone of $45 and $40 respectively.
GMX Price Prediction for 2024
The price forecast for 2024 shows that the GMX crypto may advance to a high of $133.7, suggesting a potential of 131.3% on the higher side. The less optimistic analysts estimate a price target of $98.56 by the end of the year 2024.
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.
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.
