Despite the decline in the overall market, the GMX token has held its ground and is expected to rally up towards $60. Bitcoin’s (BTC) price has shown less steam compared to recent times, this has affected most crypto assets, but this can not be said of GMX token. Data from Coinex
GMX Token, GMX Price Analysis on The Daily Chart
After hitting a low point of $13, the GMX token has been so strong that it has reached a new high. The price then bounced back to $55, and is now at $55.
The price of GMX rose to a peak of $55, but it was rejected because this resistance proved to be a problem for GMX daily charts.
The GMX’s price fell to $35. This formed daily support that prevented the price from falling. The price for GMX continued to be above support, building momentum towards breaking above this area.
GMX’s price is trading at or above its support. Eyes are set on higher highs.
Daily resistance for the price of GMX – $55.
Daily support for the price of GMX – $35.
Price Analysis of GMX on The Four-Hourly (4H), Chart
The price of GMX has fallen from a peak of $55, but has now formed support at $30 on the 4-hourly timeframe. This has prevented the price from falling further as it has been deemed an area of high demand.
The price of GMX formed a bullish tendencyline as support. As long as the trendline acts as support, the price could rise to a new peak and reach its highest point.
We could see the price falling to $40 if GMX does not hold the trendline or breaks below it. This is where it had formed support during the rally’s four hourly period.
Despite having been rejected at the $55 mark recently, the GMX price continues to look bullish and there is more buying volume.
Four hourly (4H) resistance for the GMX price – $55.
Four hourly (4H) support for the GMX price – $40.
Chart – Price Analysis For GMX On One Hour (1H)
The trendline has been maintained by GMX’s 1H highs, while higher highs have been created. If GMX maintains its bullish structure we might see GMX cross the $60 threshold.
We could see the price lifting to $43, just over the 200 Exponentially Moving Average (EMA), if we break the trendline that supports the GMX coin. The price of GMX is currently trading above the 50 and 200 EMA, acting as support for GMX’s price in the 1H timeframe.
This price corresponds to 50 and 200 EMA values, respectively.
Relative Strength Index (RSI), for GMX, is over 60. This indicates that there was a lot of buy volume at GMX.
One-Hourly (1H) resistance for the GMX price – $55.
One-Hourly (1H) support for the GMX price – $47, $43.
Featured image from Currency Charts and TradingView.com