GMX Price Prediction 2023-24: Can GMX Crypto Crash More? | CPT PPP Coverage
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GMX Price Prediction 2023-24: Can GMX Crypto Crash More? appeared on www.thecoinrepublic.com by The Coin Republic.
The GMX price has been in a continuous declining trend eroding all the gains and continuing with further decline. The price surged nearly 40% from the swing low to recover from the decline in June 2023.
However, the price could not accumulate enough buyers to surpass the swing high. The sellers dominated at the top and dragged the price down. The price also seemed to suffer multiple rejections from an upper trendline resistance.
The daily chart shows that the price could not sustain above the key moving average, 50-day EMA indicating the seller’s domination in the trend.
Currently, the price is struggling to sustain near the previous swing low which might be the last hope for the buyers to dominate the game.
GMX is a leading DEX for trading crypto futures with high leverage on Arbitrum and Avalanche. It started as Gambit Exchange in September 2021 and has over $130B trading volume and 283K users. Synapse connects the exchange to the blockchains.
Gmx Price Prediction Using Price Action Strategy
GMX price currently trades at $34.73 and struggling to consolidate near the swing low. The analysts say that the price is in a declining phase and in the control of the sellers until trades below the trendline resistance.
The price is consolidating at the support zone where buyers might try to get into the game and surge the price higher. However, if requires more buying volume to accumulate at the lower levels halt the current trend in order to make a trend shift.
Also, the volume analysis shows that the volume received is less than the average volume indicating the weakness in the market. The GMX token has received a $19.85 Million volume in the past 24 hours which is nearly 14.01% less than the past day.
GMX Price Forecast from Indicators’ point of view
As per the EMA analysis, the GMX price could not sustain above the 50 and 200 EMA indicating bearishness over the daily chart.
MACD has made a positive crossover of the signal line which might signal some positive move in the price. However, the RSI is trading in the oversold territory indicating the bearishness in the market.
Conclusion
The GMX is a DEX for trading crypto futures on Arbitrum and Avalanche. It has a $130B volume and 283K users. GMX’s price is in a downtrend and below the 50 EMA. It faces resistance from a trendline and support from a swing low. The price is $34.73 and needs more buyers to change the trend. The analysts say the sellers are in control until the price breaks above the trendline
Technical Levels
- Support levels: $34.7 and $25.4.
- Resistance levels: $47.08 and $53.76.
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.
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