The price of GMX is presently trading under all the crucial EMA levels observing the predicted decline of 10% within the last few weeks. Presently, the value of the token is trading near its previous support zone, the buyers have been attempting to push the price up from the current level. It is making a bullish double-bottom pattern at the demand zone if it succeeds in making a rebound of 5%.
The GMX token faces major resistance from multiple price levels on the daily timeframe.
The overall technical indicators are supporting the sellers. EMA and MA levels are acting as the major barrier level to the price.
The current value of the GMX token is $51.68 and it has a market cap of $455.51 Million.
A Decline In Bullish Opinions of Buyers
The investors regarding the GMX price are perceiving a slim decline in bullish opinions. Total bullish sentiment metrics fell by 65.57% within the past week. A major increase is observed in the total spam volume of 207.5 which presents a negative outlook.
In the previous analysis of the GMX token, it was indicated that after taking rejection from 100 EMA the price may see a decline in its value as it was moving on a bear trend. The analysis was proven correct when after being overwhelmed by the sellers the price saw a decline of 10% within the next 6 days.
Technical Analysis of the GMX Price
The RSI is moving near just below the median level. The RSI line is moving around 48.90 points, whereas the 14 SMA is around 40.80 providing support to it. The RSI line is predicted to see an increase in its value if it brakes above the 50 RSI points.
The stochastic RSI is indicating a further appreciation from the current value. The value of stochastic RSI is 75.39 points.
Concluzie
The GMX token faces major resistance from multiple price levels. It is making a bullish double-bottom pattern at the demand zone if it succeeds in making a rebound of 5%. Presently, the value of the token is trading near its previous support zone. Total bullish sentiment metrics fell by 65.57% within the past week
niveluri tehnice -
Suport - 50.00 USD
Rezistență - 54.00 USD
Declinare a responsabilităţii
Părerile și opiniile exprimate de autor sau de orice persoană numită în acest articol au doar scop informativ și nu stabilesc sfaturi financiare, de investiții sau de altă natură. Investiția în sau tranzacționarea activelor cripto implică un risc de pierdere financiară.
Source: https://www.thecoinrepublic.com/2023/06/09/gmx-price-analysis-will-gmx-price-return-to-the-bulls/