2024

Million

April

<ul class="list-ic vertical"> 
 <li> 1 <a>An analyst expects GMX to surge, however, the RSI has reached overbought conditions.</a> </li> 
 <li> 2 <a>A whale wallet recently transferred 84,515 GMX coins from the Binance exchange to an unknown wallet, signaling bullish sentiment.&nbsp;</a> </li> 
 <li> 3 <a>The open interest (OI) for GMX is up 48.3% from the previous session, suggesting a bullish trend.</a> </li> 
</ul> 
GMX is a popular decentralized spot and a perpetual exchange supporting zero-price impact trades and low swap fees. In the GMX ecosystem, its token has multiple applications that offer rewards, vesting, staking, and more features within their ecosystem. 
<h2 class="wp-block-heading" id="strong-gmx-open-contracts-are-rising-strong">GMX Open Contracts are Rising!</h2> 
According to Coinglass, open interest GMX is $46.33 Million, up 48.3% from the previous session. 
The GMX derivatives futures OI in USD chart reveals that the OI generated was low in April and May and stayed beneath roughly 20 Million. However, in the last week of May, the GMX OI increased and stayed mostly above 25 Million, highlighting positive momentum. 
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GMX Futures OI (USD) | By Coinglass.com 
At this point, an increase in OI could lead to a rally, knocking out the hurdles in the process and riding to newer levels. 
These metrics display that <a href="https://www.thecoinrepublic.com/2024/02/20/gmx-crypto-analysis-is-gmx-crypto-price-turning-bullish/" target="_blank" rel="noreferrer noopener">GMX crypto</a> is bullish and these values resonate with the recent thrust in price. The OI demonstrates the number of open contracts is at its peak. It predicts the price could rise more. 
<h3 class="wp-block-heading" id="strong-a-fresh-wallet-withdrew-to-wallet-strong">A Fresh Wallet Withdrew to Wallet!</h3> 
Per lookonchain’s tweet, a fresh whale wallet recently transferred 84,515 GMX coins worth $3.7 Million from the Binance exchange in the past 7 hours to an unknown wallet. It means that the whale address ending with -9ecc8a plans to hold it, which is a bullish signal for GMX. 
<center>
 <blockquote class="twitter-tweet">
 The price of <a href="https://twitter.com/search?q=%24GMX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GMX</a> has increased by 20% today! We noticed that a fresh wallet withdrew 84,515 <a href="https://twitter.com/search?q=%24GMX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GMX</a>($3.7M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> in the past 7 hours.<a href="https://t.co/s3OghoxcNn">https://t.co/s3OghoxcNn</a> <a href="https://t.co/vqMvfWUXNj">pic.twitter.com/vqMvfWUXNj</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1798644530251751833?ref_src=twsrc%5Etfw">June 6, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
In response to his accumulation, the price rose by 20% on the daily chart on June 6th, 2024. 
<h2 class="wp-block-heading" id="strong-analyst-exhibits-can-gmx-can-reach-60-0-mark-strong">Analyst Exhibits Can GMX Can Reach $60.0 Mark!</h2> 
At press time, the GMX traded at $44.70 with an intraday surge of 4.71%. Analyst Daan Crypto is bullish on the crypto. GMX price seems to have surged in turbo mode as the price is already up 2x from the bottom and is trading above the 200-day EMA on the daily chart.&nbsp; 
<center>
 <blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24GMX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GMX</a> Is in run it back turbo mode it seems. Up 2x from the bottom and trading back above the daily 200MA/EMA. Important to hold ~$41 going forward. $60 is a good target for now I think. <a href="https://t.co/rtZrh9MHJm">pic.twitter.com/rtZrh9MHJm</a>— Daan Crypto Trades (@DaanCrypto) <a href="https://twitter.com/DaanCrypto/status/1798627131913830415?ref_src=twsrc%5Etfw">June 6, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
The analyst is optimistic and states that $60.0 could be the next target in the upsurge. The price needs to hold on above $41.0 to go forward, which is key support. 
GMX has been increasing from support. It portrayed bullish strength in the GMX crypto asset, riding over the seamless upward trendline.&nbsp; 
<h3 class="wp-block-heading" id="strong-what-indicators-indicates-for-gmx-strong">What Indicators Indicates for GMX!</h3> 
The MACD exhibits a bullish cross, with a rising histogram in GMX at 0.92117, and the RSI flashed at 72.81. Thus, while the MACD suggests that GMX has bullish potential, the RSI suggests that it is overbought. Investors should stay cautious. 
If the breakout surges through the latest market conditions, it could gain approximately 40%. Likewise, the next target for the GMX price could be to reach the above levels, such as $51.0 and $61.0.  
<a href="https://in.tradingview.com/chart/GMXUSD/tVW2pisr-MACD-exhibits-a-bullish-cross/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
On the contrary, if GMX fails to stay above $35.50, it could decline further to $30.50 and $25.50 support levels. 
<h4 class="wp-block-heading">Summary</h4> 
According to Coinglass, the open interest (OI) for GMX is up 48.3% from the previous session. The OI for GMX derivatives futures in USD indicates upward momentum, suggesting a bullish trend. A whale wallet recently transferred 84,515 GMX coins from the Binance exchange to an unknown wallet, signaling bullish sentiment.&nbsp; 
At the time of writing, GMX price was $44.70, up 4.71% intraday. Daan Crypto is optimistic about GMX’s surge, expects the crypto to touch $60.0. However, caution is advised as the RSI indicates overbought conditions.&nbsp; 
The potential breakout could result in a 40% growth, with $51.0 and $61.0 as the following target levels. Conversely, failing to sustain above $35.50 could lead to declines toward $ 30.50 and $25.50 support levels. 
<h4 class="wp-block-heading">Disclaimer</h4> 
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Analyst & Whale Bullish On GMX, OI On Surge, Can It Touch $60?

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