GMX Token Sees Recovery, Heading Towards Previous High
The native token of the Arbitrum-based DEX for trading perpetual crypto assets, GMX, has been experiencing a recovery wave. According to CoinGecko data, the price has been trending upward in the past few days, aiming to reach its previous high.
Looking at the TradingView chart, GMX/USD is recovering from a previous bearish trend that took it to its all-time low of $25.89 on August 17. However, the coin still shows a bearish sentiment, with a 7% drop in the last seven days and a 33% drop in the 30-day trading period.
With its current momentum, there is a significant likelihood that the price could reach or even surpass the formidable resistance zone.
GMX Technical Overview: Positive Indicators on the Chart
The chart analysis shows that GMXUSD is currently above the lower band of the Bollinger Bands indicator, indicating that the coin is undervalued. This presents a potential buying opportunity for investors.
In addition, the asset’s Moving Average Convergence Divergence (MACD) is above the signal line, with green histogram bars indicating positive momentum. This further suggests a buying opportunity for traders.
The Relative Strength Index (RSI) also indicates that the coin may be oversold, which could trigger an upward price movement in the near future. However, it is important to conduct thorough research and consider other factors before making investment decisions.
GMX Trades in ‘Channel Down’ Pattern, Possible Breakout Ahead
GMX coin has recently undergone a significant shift in its chart pattern, transitioning from a ‘channel up’ trajectory to a ‘channel down’ pattern. This indicates a continued downward trend in the coin’s price.
However, there are signs of a potential upward movement, suggesting a possible breakout from the ‘channel down’ pattern. This shift in market sentiment could lead to a period of recovery and growth for the coin.
Investors and traders should closely monitor these developments, as a successful breakthrough above the ‘channel down’ pattern could mark a crucial turning point for the coin’s trajectory.
GMX’s Total Value Locked (TVL) Shows Renewed Investor Confidence
The TVL of GMX experienced a decline in August, raising concerns about investor sentiment. However, in the past few days, the TVL has remained steady above $440 million, indicating renewed confidence in the coin.
Having over $480 million in TVL demonstrates that many people trust the GMX project and have invested their money in it. This influx of funds also provides stability and liquidity for trading and other transactions.
Hot Take: GMX Token Shows Signs of Recovery and Potential Breakout
The GMX token has been on a recovery wave, with the price trending upward and aiming to reach its previous high. Technical indicators on the chart suggest a potential buying opportunity, as the coin is undervalued and shows positive momentum. Despite a recent shift to a ‘channel down’ pattern, there are signs of a possible breakout, which could lead to a period of recovery and growth. Additionally, the steady TVL above $440 million demonstrates renewed investor confidence in GMX. Overall, it’s important to closely monitor these developments as they could mark a crucial turning point for the coin’s trajectory.
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