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GMX Had A Collab & Analysts Are Optimistic, Can Its Price Go 60%?

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The GMX crypto has performed well in the last month, increasing by 49.30% and rising by 14.38% in the last week. GMX (BINANCE: GMX) has a negative year-to-date return of -32.17% and a negative three-month return of -35.72%. 

At press time, the GMX price has traded at $37.30, its market cap stands at $355 Million, and its trading volume is $36.851 Million. There are 9.518 million tokens in circulation.

Could a Collab with Notifi Network Act as a Catalyst for GMX growth?

According to a tweet from Notifi, GMX has stated that they are set to enhance their platform with the advanced integration of real-time trading and governance alerts facilitated by NotifiNetwork. 

This strategic partnership significantly benefits GMX, as it promises to furnish its user base with instantaneous data. Similarly, the innovative functionality introduced by GMX would enable their traders to access immediate trade notifications, price alerts, and protocol updates directly through their wallet addresses, thereby streamlining their trading experience.

Incentives to Grantees in the GMX Grants Program

The GMX tweet post on X states that the second wave of the GMX Grants Program has been announced, following the success of the initial wave and the recent approval of GMX’s STIPBridge proposal by the Arbitrum DAO.

In particular, during the first wave of grants, GMX has provided valuable advice to projects and offered 1,290,000 ARB in terms of financial support to 22 projects, assisting these builders in realizing their visions.

For the second wave of grants, GMX plans to distribute approximately 600,000 ARB of incentives to the grantees, with a cap limit of 75,000 ARB per grant.

What Can the GMX Price Prediction (GMX) Be, Based On Technical Analysis?

An analyst, hansolar, tweeted with the bullish sentiment on the X platform that in GMX (GMX), a parabolic breakout move could burst out on the daily chart. 

The analyst is optimistic and compares the parabolic movement with the peak of the banana in a creative manner. With that symbolization, the analyst further stated that his analysis on GMX displays that the price could reach the peak of banana by the end of June 2024

Similarly, based on the optimistic analyst tweet, the GMX asset daily chart shows that it has been spiking from support and remains above the 20-day and 50-day EMAs. It has portrayed bullish strength in the crypto asset, which has been riding over the upward trendline. 

Likewise, the MACD exhibits a bullish cross, with a rising histogram in GMX at 0.7194 and the RSI at 66.14. Thus, it hints that the GMX crypto does not like losing steam yet and could continue to go abruptly higher in future sessions. 

Therefore, if the breakout rallies parabolicly, it could gain approximately 60% growth. Likewise, the next goal for the GMX price could be to reach the above levels, such as $50.0 and $60.0.

On the contrary, if the price plunges, in this scenario, if the GMX crypto price fails to stay above the $35.0 level, it could also decline further to $30.0 and 25.0 support levels.

Summary

GMX crypto has shown significant increases in the last month and week. This platform has announced a collaboration with Notifi Network to enhance its platform.

Also, GMX would launch a second wave of grant programs, providing incentives to grantees.Technical analysis suggests a bullish sentiment for GMX, with a potential price target of $50.0 and $60.0 if the breakout continues. Conversely, the price could decline to $30.0 and $25.0 if the price fails to stay above $35.0 support.

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