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ThecoinrepublicCryptocurrencyGMX Looks Bearish: Can Bearish Wave Extend...
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GMX Looks Bearish: Can Bearish Wave Extend Toward $20 Mark?

The GMX token price signifies sharp distribution and has breached the major neckline support zone of $30, directing selloff for the past weeks. Moreover, the trend is favouring the bear army and sharp fall was noted on the charts. This month, the token has corrected over 38% and dragged toward the bearish region. The price action replicates major short addition and the token has persisted in delivering the lower low swings.

At press time, the GMX crypto (GMX) price traded at $27.47 with an intraday gain of 1.20%, reflecting neutrality on the charts. It has a monthly return ratio of -39.20% and -62.10% yearly, replicating a downtrend over the past months. The pair of GMX/BTC is at 0.000432 BTC, and the market cap is $17.67 Million. Analysts are bearish and suggest that the GMX crypto may continue to erode gains and may reach the $20 mark soon.

GMX Price Volume Profile Analysis On Daily Chart

Per the Santiment data, the price-to-volume profile showcases a follow-on decline and has breached the 200-day EMA mark in the last trading sessions. Furthermore, the trend is bearish, and sellers have persisted in putting pressure on the buyers. The intraday trading volume dropped over 7.29% to $12.59 Million.

Price Volatility And Weighted Sentiment Outlook

Following the severe price drop, the price volatility curve replicated a sharp cut and dragged below the midline. The price volatility curve dropped over 15.20% to 0.08463 mark. However, the weighted sentiment looks positive and sustained above the midline around 0.108.

Active Social Users And Social Volume AI Insights

The active social users on the Telegram and X data witnessed a significant decrease. The users on the telegram platform declined by 41.09% to 2556 mark, whereas on the telegram platform a drop over 52.38% to 3429. However, the social volume AI data replicated a spike and jumped to 7 mark.

Development Activity and Total Open Interest Insights

The development data on the daily charts witnessed a significant decline over 20% and stayed close to the midline support mark around 21.88, showing a neutral outlook. However, the derivative data signifies long buildup and the open interest surged over 3.20% to $13.3 Million, replicating indecisiveness among the investors.

Per the Fib levels, the GMX price is below the 23.6% zone and has breached the midline support zone of $30. Additionally, the RSI curve slipped to the oversold region, and a negative crossover was noted on the charts.

The total supply of GMX crypto is 643,154, whereas the volume-to-market cap ratio is 0.714, ranked 630 in market cap in the global crypto market.

Summary

The GMX crypto reflects bearish data and is trading in the oversold region below the significant moving averages. Furthermore, the sellers have maintained their grip decisively and are willing to push the token toward the $20 mark.

Technical Levels

Support Levels: $25 and $22

Resistance Levels: $30 and $35

Disclaimer

The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
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.
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