1 GMX price prediction suggests GMX price may take a correction in the coming days. 2 GMX price is up by 0.57% in the last 7 days. The GMX price prediction suggests that GMX price is presently trading near the bear’s threshold. Investors may expect to see a decline in price withi...
- 1 GMX price prediction suggests GMX price may take a correction in the coming days.
- 2 GMX price is up by 0.57% in the last 7 days.
The GMX price prediction suggests that GMX price is presently trading near the bear’s threshold. Investors may expect to see a decline in price within the next few weeks. Unless the bulls charge in the price making a breakout the price is facing critical resistance from the critical 100, and 200 EMA levels.
Presently, the price is moving near the supply zone after making a 13% rally. The buyers may find it challenging to break above the immediate resistance. However, a red candle is yet to be made which will signal the bears’ entry in the market.
If the GMX price takes a correction at present, it could see a decline of 10 to 26% which will provide an adequate target for the interested short sellers. Where the price is rising, the volume is declining which indicates that there is a fall in the trading activity of buyers as the green candles have declined.
GMX’s price is currently trading at $0.94 with an 11% fall in the 24-hour trading volume and has a market cap of $316.68 Million.
Investors Showing A Surge In Bearish Pessimism
According to LunarCrush, there is a rise in the overall parameters. The majority of metrics in the platform are highlighted in green. The total bullish sentiment parameter is up by 651.1%, whereas the total social engagement metrics saw a rise of 304.2% within the past week. There is a slight rise in 24-hour trading volume of 11.88%.
GMX Price Prediction: Technical Analysis of GMX Price On Daily Chart
The RSI line indicates that it might make a lower high. The RSI line is moving near 54.23 points and the 14 SMA provides resistance at around 48.56 points though the RSI line is not respecting it. The RSI line indicates that the price of the GMX token may soon see a bearish decline.
Stochastic RSI is approaching the demand zone. The present value of stochastic RSI is 62.83 points. The previous resistance of stochastic RSI is just above the median line.
Conclusion
According to the analysis, if the price continues to take a bearish plunge it can see a decline of 10 to 26% which will provide an adequate target for the interested short sellers. The buyers may find it challenging to break above the immediate resistance.
Technical levels
Support – $40.00
Resistance – $60.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.