A Potential Bullish Rally for a Decentralized Exchange Altcoin, According to Analyst
A well-known crypto strategist suggests that a decentralized exchange (DEX) altcoin is showing signs of an imminent bullish rally. Ali Martinez, a trader with a significant following on X social media platform, believes that GMX is ready to break out from an inverse head-and-shoulders pattern. This technical analysis chart formation often indicates a trend reversal.
Martinez explains that if GMX maintains a consistent three-day candlestick close above $59, it could trigger a bullish rally, potentially pushing the altcoin towards its ambitious target of $90.
GMX is a decentralized spot and perpetual exchange that allows up to 50x leverage. Currently trading at $54.50, the native asset of the project has experienced a decline of over 2% in the past 24 hours.
This isn’t the first time analysts have pointed out GMX’s potentially bullish pattern. The Crypto Dog, a pseudonymous trader, previously predicted that the token could see an impressive 90% rally if it surpasses its immediate resistance level.
While analyzing Bitcoin (BTC), Martinez warns that the leading digital asset’s market cap indicates an impending trend reversal for the broader crypto market. The Inter-exchange Flow Pulse (IFP), which tracks BTC flows across different trading platforms, has fallen below its 90-day average. Historically, this shift often signals a bearish turn in the crypto market.
As of now, Bitcoin is valued at $42,589, experiencing a decline of over 7% in the last 24 hours.
Hot Take: The Potential Upswing for GMX and the Warning Signal from BTC
A prominent crypto strategist believes that GMX, a decentralized exchange altcoin, could be on the verge of a bullish rally. This is based on an inverse head-and-shoulders pattern observed by technical analysis. If GMX maintains a candlestick close above $59 for three consecutive days, it may trigger a rally towards its target of $90.
On the other hand, the leading cryptocurrency Bitcoin is giving off warning signals. The Inter-exchange Flow Pulse (IFP) has fallen below its 90-day average, historically indicating a bearish turn for the broader crypto market. Currently priced at $42,589, Bitcoin has seen a decline of over 7% in the past 24 hours.
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