GMX Token Surges Over 20% in 24 Hours
The native token of decentralized perpetual exchange GMX, GMX, has experienced a significant surge of over 20% in the past 24 hours. This surge was attributed to a notable move by a crypto whale, which has generated positive sentiment within the community regarding the token. Analysts are now speculating that GMX might be gearing up for a breakout above the $60 price point.
Whale Activity Boosts GMX Price
During the early hours of Thursday, a whale withdrew a substantial amount of GMX tokens from the popular crypto exchange Binance. This whale proceeded to transfer over 85,000 GMX tokens to a new wallet, triggering a surge in the token’s price.
- The whale withdrew 84,515 GMX tokens, valued at approximately $3.77 million, in five separate transactions, with an average price of $43.07 per token.
- Following this move, the price of GMX jumped from $40 to $44 in the hours that followed, resulting in unrealized profits of over half a million dollars for the investor.
Additional Whale Withdrawal
Another report emerged of a different whale withdrawing GMX tokens from Binance on the same day. This time, 72,300 GMX tokens were transferred to a wallet, which now contains 82,768 GMX tokens with a total value of $3.69 million.
Pre-Whale Surge
Prior to the whale activity, GMX had already shown signs of a surge in its price. The token’s value had increased from the $36 range to $42 on the day before, fueling positive sentiment among the crypto community.
Current Price Movement
Over the past 24 hours, GMX has experienced a significant 22.2% increase in value and is now trading above $44. This recent performance reflects a 26% increase in price over the course of a week and a remarkable 76.3% increase over the past month. Additionally, GMX has seen a surge in market activity, with a 121% increase in daily trading volume.
Crypto Analysts Optimistic About GMX
Crypto analysts have taken note of GMX’s recent performance and have expressed bullish sentiments towards the token. They have also set short-term targets based on their analysis of the token’s price movement.
Daan Crypto’s Analysis
According to Daan Crypto, GMX is showing signs of returning to a “turbo mode” state. The token has doubled in value since hitting its lowest point in April of this year and has surpassed the daily 200MA/EMA levels. Daan Crypto believes that maintaining the $41 support level is crucial for GMX and has identified the $60 price range as a favorable target for the token’s bullish momentum.
Analysis by JJcycles
JJcycles, another crypto trader and analyst, has also shared insights into GMX’s performance. He highlighted a bullish flag pattern on the token’s chart and noted that GMX is entering the beginning of the third wave in its price movement. JJcycles observed that GMX successfully broke through the $40 resistance level and suggested that the token may have hit its bottom in April when it reached $22.
- He also mentioned those who had capitulated during the accumulation range at the bottom, including Arthur Hayes, the former largest individual holder of GMX.
- JJcycles pointed out that capitulators are now likely feeling the pain as GMX’s price continues to rise, contrary to their expectations.
Closing Thoughts on GMX’s Rise
As GMX experiences a surge in its price and market activity, whales making significant withdrawals and crypto analysts expressing bullish sentiments, the future looks promising for the GMX token. Investors and traders are closely monitoring the developments surrounding GMX to capitalize on potential opportunities in the market.
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