GMX Price Recovery: Bulls Gain Momentum
The GMX (GMX) price is currently attempting to recover from a significant slump that began in late July, resulting in a 45% drop in the token’s value. However, there is growing momentum among bulls, as indicated by the trajectory of the Relative Strength Index (RSI). Despite this positive trend, it’s important to note that the current price of $35.88 is testing a supply zone with many sellers, suggesting potential aggressive selling and a possible rejection.
If buyers manage to overpower the bears, there is a chance for the GMX price to break above the first supply zone’s mean threshold at $38.58, which aligns with the 50-day Exponential Moving Average (EMA). This breakthrough would confirm a continuation of the upward movement. In an extremely bullish scenario, GMX could reach the second supply zone and potentially even hit $60.00.
Supporting the uptrend are momentum indicators like the Awesome Oscillator (AO), which is flashing green and staying in the positive zone, indicating that bulls are leading the market.
On-chain Metrics: IntoTheBlock
Data from IntoTheBlock shows that currently, 92.90% of GMX holders are facing unrealized losses (out of the money), while only 1.85% are experiencing unrealized profits (in the money), and 5.52% are breaking even. This data suggests that more traders may start looking for exit points due to their losses or break-even positions. The resulting selling pressure could confirm a downtrend and potentially push the GMX price towards its support floor at $30.38.
MK: A Hot New Alternative
Meanwhile, MK is emerging as a presale sensation in the crypto market. It is an innovative gaming platform designed for gaming enthusiasts, offering active betting, passive staking, and other rewards. MK has already gained significant traction, with over $100,000 raised in its presale stage.
Investors can purchase MK using Ethereum (ETH) or Tether (USDT) and stake the tokens to participate in meme battles and win additional tokens and prizes. The project has gained attention for its decentralized Web3 space, prioritizing trust and transparency.
Meme Kombat Timing
MK also offers an automatic staking feature, where purchased tokens automatically initiate staking in the buyer’s wallet. This allows users to earn rewards with Annual Percentage Yields (APY) as high as 112% simply by holding MK.
The APY rewards will become visible on the website’s staking page within a month, and rewards will continue to grow during this period. To qualify for presale staking rewards, users must lock their tokens for a minimum of one locking period.
A referral program is also available, allowing users to earn a 5% commission from transactions made by individuals who sign up using their referral link.
Hot Take: Meme Kombat Presents Exciting Opportunities for Investors
MK’s innovative gaming platform and potential for significant growth make it an exciting opportunity for early investors. With active betting, passive staking, and AI-powered meme battles, MK offers a unique experience within the crypto market. The project’s presale success and positive analyst sentiment indicate that MK could be a promising investment option. If you’re looking for a new and exciting venture in the crypto space, consider exploring Meme Kombat and its potential for earning rewards through staking and participating in meme battles.
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