GMX Price Forecast: Anticipated 25% Surge Following Recent Upgrades for GMX

GMX Price Forecast: Anticipated 25% Surge Following Recent Upgrades for GMX

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 as of now experiencing buying pressure. According to Coingecko, the governance token has seen a 3% surge in the previous 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. Despite the fact that it faced resistance at $39, the present momentum implies that the price might break this strong resistance region.

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GMX Technical Price Review – Will the Price Rebound?

Regardless of a free fall since the Second quarter, GMX’s market position today shows indications of rebound. Trading over the lower Bollinger Band, the cryptocurrency’s 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 Whale’s Manipulation

Whale manipulation has been a setback for GMX and other cryptocurrency assets. And 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.

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GMX Alternative

A promising digital currency project, Bitcoin (BTC) BSC, offers substantial staking bonus and an enticing presale opportunity for early investors. It closely resembles Bitcoin (BTC) in its early stages and intends to outperform other Bitcoin (BTC) replica coins through staking.

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Bitcoin (BTC) BSC comes 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 Bitcoin (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.

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Hot Take

As GMX faces buying pressure and shows indications 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 Bitcoin (BTC) BSC’s presale presents a chance for investors to potentially profit from staking rewards.

Author – Contributor at | Website

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.

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