GMX Price Completes A Bullish Technical Set Up – Where Next?

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GMX Price has recorded one of the most striking uptrends so far, soaring almost 92 percent year-to-date. The crypto token is up 4 percent in the day, with a 24-hour volume of trading of $86.2 Million. Similarly, its market capitalization has likewise increased by almost 3 percent betwixt Friday and Saturday to $627.4, securing its #76 on CoinMarketCap.

GMX Skyrockets  With The Launch Of The Pilot Version of GMX Powered by dAppOS

In a January 31 medium announcement, dAppOS stated that it has collaborated with decentralized spot and perpetual exchange GMX to offer a seamless user experience (UX) courtesy of the dappOS Web 3.0 operating protocol.

The partnership is expected to eliminate, or at the very least, lower the entry barriers for users to access GMX’s decentralized finance (DeFi) functions on the Arbitrum and Avalanche (AVAX) blockchains teck. In relation to the new product launch, Ecological system Lead at dAppOS Darren Mayberry said:

GMX empowers users by letting them take advantage of its low swap charges and zero price impact trades when leverage trading and market making through GLP. dappOS simplifies the procedures and makes Decentralized Finance intuitive, allowing users to access GMX seamlessly cross-chain. Together, we can realize the promise of Web 3.0 for truly democratic decentralized finance.

The year 2023 has been good for the GMX crypto token so far, and the fortune appears to have extended to the new 30 days as GMX price hit a high of $81.3 into the weekend before losing some of the profits to the present price of $73.95. Still, this is the highest the crypto token has ever reached since listing on Binance.

With the price continuing its new 30 days uptrend, all signs indicate a growing interest in GMX crypto tokens between investors.

GMX Price Confirms The Target Projected By An Inverse H&S Chart Pattern

On January 30, GMX price was trading in an inverse head-and-shoulders (H4S) chart pattern as bulls set their eyes on the $73 level, which would mark another milestone for the crypto token since listing. The technical formation came as buyers strived to accomplish a positive  tendency breakout that would see the crypto token end the 1st 30 days of the year with a record of accomplishment. As it happened, the GMX price closed over the inverse H&S’s neckline, confirming the target.

At the time of publication, GMX was currently worth $74.37 after gaining 2.46 percent on the last day. The price came as bulls built upon the profits made on Friday. With this price, the DEX crypto token has made good on the prediction mentioned over, as shown in the chart below (target attained).

The crypto token was confronting immediate resistance at $80 after an intraday high of $77.88. An boost in buying pressure over the 78.6 percent Fibonacci retracement at $75.79 could provide the required momentum for more profits.

With such a breakout, the following realistic target for GMX price would be to tag the 100 percent Fibonacci retracement at $81.3. Note that the crypto token tagged this level on Friday’s high but was rejected, possibly because bulls required more charge. If they accomplish that in the day’s trading session, it would set the tone for more profits, with all signs pointing to the 123.6 percent Fibonacci retracement at $87.38 and, in highly ambitious cases, the 150 percent Fibonacci retracement at $94.19.

GMX/USD Daily Chart

GMX Price Completes A Bullish Technical Set Up – Where Next?TradingView Chart: GMX/USD

The positive  tendency outlook remains solid for GMX price as supported by the upward movement of the 50-day Simple Moving Average (SMA), the Relative Strength Index (RSI), and the Moving Average Intersection Divergence (MACD), showing that the market favored the upside.

Nevertheless, with such a watershed moment for bulls, some investors may see this as the right time to book profits, sparking a selling spree that could threaten the expected profits. In such a scenario, the GMX price could lose its current support at $73.27, exposing it to a cliff.

Logically, the 1st platform the price would step on would be the 50 percent Fibonacci retracement at $68.42, or down to revisit Friday’s bottom embraced by the 38.2 percent Fibonacci retracement at $65.38. Such an outcome could spook the remaining chunk of investors to likewise sell, causing GMX price to fall towards the 23.6 percent Fibonacci retracement at $61.62 or the inverse H&S neckline at $55.54.

Below that, the only base standing betwixt the GMX price and the $37.78 support floor would be the 50-day and 100-day SMAs at $49.06 and $46.79, respectively. Notice that the RSI at 73 had just entered the overbought region, which could hint at a possible market correction in the near term.

GMX Alternative

With the outlook looking ‘ as well good to be true’ for GMX price, spread your danger by investing in Meta Masters Guild’s native crypto token MEMAG.

MEMAG is still in the presale stage, where they have raised over $2.71 Million so far. With analysts predicting an impressive 2023 for the crypto token, this would be an excellent time to buy while the crypto token is still affordable.

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