GMX Crypto Rising From Lower levels: Is it a buy signal?

September 13, 2024

GMX Crypto is flashing a buy signal from lower levels signalling a potential gain of 10-20% in short-term but it can be a trap also.

Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken.

In this article, we will look at GMX Crypto price analysis along with weekly analysis and what technical indicators are suggesting.

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GMX Crypto Price Analysis

Current Price: $23.93
Market Cap: Approximately $205 million
24h Trading Volume: Around $19.4 million
Total Supply: 13.25 million GMX
Circulating Supply: 8.57 million GMX

Price is in a Downtrend, however, there are improvements. It had a bullish breakout from Falling Wedge pattern and rallied +30% to $35, making a Higher High, which is a sign of potential trend reversal.

Now the price has pulled back and made a Higher Low, meaning that price found support above the prior low of $17.33 from Aug 5th. Price could revisit $30 next. Stop Loss at $21.

Momentum is Bearish but inflecting. MACD Line is still below MACD Signal Line but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing an upswing.

Weekly Price Analysis

7-Day Change: -7.9%
Week Open Price: $25.42 (Sept 5, 2024)
Weekly Low: $22.30
Weekly High: $25.42
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down, Long-term trend is Strong Down.
Support and Resistance: Nearest Support Zone is $23.00, then $18.00. Nearest Resistance Zone is $30.00, then $34.00.