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<p>The price of the decentralized exchange token GMX has skyrocketed by over 20% today, fueled by buying pressure from large investors. Analysts predict a potential move towards higher levels, as the token’s daily technical indicators align in favor of further upside.</p>
<h2 class="wp-block-heading" id="strong-whale-activity-sparks-gmx-rally-strong"><strong>Whale Activity Sparks GMX Rally</strong></h2>
<p>According to on-chain data tracker Lookonchain, <a href="https://x.com/lookonchain/status/1798644530251751833" target="_blank" rel="noopener noreferrer nofollow">a fresh wallet withdrew 84,515 GMX</a> tokens, worth approximately $3.7 million, from Binance over the past 7 hours. This substantial transfer suggests that a deep-pocketed entity, possibly a US-based player, is accumulating a position in the token.</p>
<p>Corroborating this observation, DeFi Man, a top crypto analyst, <a href="https://x.com/DeFiMann/status/1798369149804327092" target="_blank" rel="noopener noreferrer nofollow">highlighted</a> the impact of these large market buys, stating, <em>“Looks like some US big player is buying $GMX with size. Lately they execute some big market buys altering price a lot. You really love to see it.”</em></p>
<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/heres-why-stacks-stx-price-is-pumping/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Here’s Why Stacks (STX) Price Is Pumping</em></strong></a></p>
<h2 class="wp-block-heading" id="strong-gmx-price-predictions-strong"><strong>GMX Price Predictions</strong></h2>
<p>Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1798627131913830415" target="_blank" rel="noopener noreferrer nofollow">offered a technical perspective on the current GMX</a> price action. He noted that GMX has doubled from its recent lows and is now trading above the daily 200MA/EMA.&nbsp;</p>
<p>Holding the $41 mark is crucial for maintaining bullish momentum. <em>“Important to hold ~$41 going forward. $60 is a good target for now I think,”</em> Daan Crypto Trades advised his followers.</p>
<figure class="wp-block-image is-resized"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfnSohi5YGq5WU_qxrm49LY3IPx-FuAVnrcsXJCguDvmSRmpqrlktTliroBB5sxB7Uv4vnxfTWuUMzhcS2aQ1iMuM1DG1fFnsNftcaQxrHesijkLOCCugtokTvzvXB9V2FG_TV2sZeV8ipS57n141ZkG4j-?key=mRfzczwHCR8sy4C-3-xkwA" alt="" style="width: 100%;height:auto">
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<p>Similarly, Bull Run ₿lackmore <a href="https://x.com/21blacky/status/1798614733777691060" target="_blank" rel="noopener noreferrer nofollow">pointed out</a> that the daily EMA configuration for GMX has turned bullish. He projected a move back to $60, identifying this level as a significant resistance point.&nbsp;</p>
<p>Moreover, breaking through this resistance would be a notable achievement, although it might not happen on the first attempt. <em>“Move back to $60 is definitely coming soon,”</em> he asserted, emphasizing the importance of this price level.</p>
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<h2 class="wp-block-heading" id="strong-market-outlook-strong"><strong>Market Outlook</strong></h2>
<p>According to CoinGecko, a leading crypto data aggregator, GMX is currently trading at <a href="https://www.coingecko.com/en/coins/gmx" target="_blank" rel="noopener noreferrer nofollow">$44.56</a>, representing a 20.88% rise in the last day and a 26.53% surge over the past week. The token’s daily trading volume stands at $110.9 million, indicating heightened investor interest.</p>
<p>As the broader crypto market gains bullish momentum, tokens like GMX, which offer innovative decentralized exchange solutions, are gaining traction among investors seeking exposure to promising projects.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-gmx-price-pumping-experts-predict-surge-to-60/" rel="noopener noreferrer nofollow">Why is GMX Price Pumping? Experts Predict Surge to $60</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why is GMX Price Pumping? Experts Predict Surge to $60

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