- The GMX crypto has declined by more than 4% from its last 24 hours.
- The crypto has witnessed a decline in its trading volume in the last 24 hours.
GMX is a decentralized exchange with low fees and price impact, powered by a multi-asset pool. Chainlink Oracles and leading exchanges drive dynamic pricing. The founders remain undisclosed. The GMX token has diverse uses, including rewards, staking, vesting, and multiplier points, benefiting users in the ecosystem.
The market of the GMX crypto with the decline in the stock price has witnessed a decline of 0.26%. Following this the spot trading volume of GMX crypto has also witnessed a decline of 45.81%.
The current market volume ranking in the cryptocurrency market of GMX crypto as per Coinmarketcap is #173. The market cap of the GMX crypto is $416.835M and the market cap rank is 88th following a market cap dominance of 0.032%.
Also the GMX crypto has a fully diluted market cap of $432.083M derived from circulating supply of 9.153M GMX. Also, the crypto has max supply of infinite.
GMX Crypto Technical Analysis
: 400;”>The GMX crypto was consistently declining to lower lows and making new lows on the charts. This decline in the price of the crypto has led to the formation of the falling wedge pattern. The crypto price has also broken out above the same pattern and is advancing to higher levels.
The price of the GMX has been consistently advancing to higher levels after breakout. This advance in price has hit the 200-day EMA and the price is currently taking resistance at ther same level. However, the 50-day and the 200-day are trading in a death cross.
The RSI for the GMX crypto is behaving totally bullish. The price of the crypto may can advance to higher levels if the RSI continues to sustain above the 50-level.
GMX Derivatives Analysis
The derivatives trading volume for the GMX crypto has declined by 58.38% in just last 24 hours. This has resulted in a traded volume of $11.61M. Also there is no significant change in the trading volume of the GMX crypto for a long time. The resulting short liquidation of the crypto is also high as compared to the long liquidation.
Conclusion
The GMX crypto has broken out above the falling wedge pattern and is making new higher high pattern on the charts. The crypto has broken out above the last swing high and the price may continue to advance to higher levels based upon the current behavior of the crypto.
Technical Levels
- Support levels– $25.8700 and $34.600
- Resistance levels– $59.1500 and $89.600
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
