The Influence of Buying Pressure on GMX Token
GMX, the native and governance token of GMX, an Arbitrum-based DEX for trading perpetual cryptocurrency assets, is asย ofย now experiencing buying pressure. According to Coingecko, the governance token has seen a 3% surge in theย previousย day, pushing the price closer to its previous high.
Recovery from a Bearish Trend
Looking at the daily chart, GMX is recovering from a previous bearish trend that brought the coin to a yearly low of $28 on August 17. Despiteย theย factย that it faced resistance at $39, theย present momentum impliesย that the price might break this strong resistance region.
GMX Technical Price Review โ Will the Price Rebound?
Regardlessย of a free fall since the Second quarter, GMXโs market position today shows indicationsย of rebound. Trading over the lower Bollinger Band, the cryptocurrencyโs price is potentially oversold. This presents a probable buying opportunity, with expectations for a price rebound or trend reversal. The Relative Strength Index (RSI) confirms the oversold condition, while the Moving Average Intersection Divergence (MACD) indicates increasing buying momentum.
GMX Price Is Heavily Influenced by Whaleโs Manipulation
Whale manipulation has been a setback for GMX and other cryptocurrency assets. Andย once whales accumulate or offload large quantities of the coin, it can distort market supply and demand, leading to increased volatility. Recently, four big GMX token holders sold a total of 62,274 tokens worth about $3 Million, resulting in a 7% decrease in price. Nonetheless, investors can explore the new presale of BSC coins at an economical price.
GMX Alternative
A promising digitalย currency project, Bitcoinย (BTC) BSC, offers substantial staking bonus and an enticing presale opportunity for early investors. It closely resembles Bitcoinย (BTC) in its early stages and intendsย to outperform other Bitcoinย (BTC) replica coins through staking.
Earn Free Bitcoinย (BTC) Clone Tokens with Stake-To-Earn BTCBSC Features
Bitcoinย (BTC) BSC comesย after a similar framework to BTC20, integrating staking functionality into its core design. This stabilizes the price by countering probable selling pressure during listing. The presale of Bitcoinย (BTC) BSC has gained traction, raising about $21,000 within a few days of launch. Interested investors can purchase tokens via the presale website using BNB, USDT, or ETH.
Hot Take
As GMX faces buying pressure and shows indicationsย of rebound, it may break strong resistance levels and target higher prices. Nonetheless, whale manipulation remains a challenge for GMX and other cryptocurrency assets, affecting price stability. Exploring alternative options like Bitcoinย (BTC) BSCโs presale presents aย chance for investors to potentially profit from staking rewards.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
