GMX (GMX) Price Prediction – When will GMX hit $100?
GMX is a DEX (decentralized exchange) platform that allows investors to buy/sell tokens using smart contracts. The platform offers so-called zero-price impact trading and low fees, allowing investors to get more capital-efficient trading without slippage.
The popularity of this protocol increased among crypto traders as it defied the market rout this year. According to DefiLlama, a crypto data provider, the total value locked (TVL) data of GMX now stands at $455 million, a record high by consistently gain, as other Defi protocols saw their TVL as an essential metric for a platform's capability of capture – deflate capital.
GMX token holders earn 30% of all accrued trading fees on the exchange. Moreover, this token has stood out by the number of active users and increasing its protocol revenue despite the crypto market rout.
There are 7,990,696.00 GMX in circulation, compared to the 8,648,200 GMX of maximum supply. The token currently has a market cap of $340,333,996, while the GMX (GMX) Price Today is 80% down from an all-time high.
Let’s see the GMX Coin Price Prediction from the GMX/USD technical analysis:
GMX (GMX) Formed A Descending Channel Breakout
The buying pressure in GMX is solid based on the fundamental aspect, but investors should closely monitor near-term swing levels and price action instead of jumping into the trade.
The recent daily price shows a strong bullish breakout from the descending channel, which came with a massive increase in trading volumes. Moreover, the bullish breakout is backed by a strong bullish trend, which may increase the buying possibility.
Based on the high volume indicator, this pair's latest high volume level is noted at 41.04, which may work as major support. Moreover, the 20-day Exponential Moving Average is below the price and sloping higher, which could extend the bullish momentum.
The challenge for the GMX price is the immediate recovery from the 65.31 swing high. A strong breakout and immediate recovery with a counter impulsive momentum could result in a false break. In that case, investors should monitor how the price trades in the high-volume area.
Based on the GMX (GMX) Price Prediction, the primary trading idea is to find a long opportunity from the 41.04 to 37.00 area. A strong bullish rejection with a daily close from this area is needed to go long in this pair.
GMX/USD Ichimoku Cloud Analysis
A strong bullish pressure above the Kumo Cloud with a massive 74% increase in price from a single swing offers a decent long opportunity in the GMX/USD price. The immediate recovery in the daily chart is clearly visible in the H4 timeframe, where the bearish crossover between Tenkan Sen and Kijun Sen might indicate a corrective pressure in the market.
The thickness in the Kumo Cloud is not supportive of bulls, but a recovery from the near-term demand zone is possible until the ADX moves below the 20.00 level.
Based on the GMX Price Prediction, a bullish rejection in the H4 chart from the 40.64 to 37.14 area could offer a long opportunity, targeting the 65.00 level. On the other hand, immediate recovery and a bearish H4 candle below the 37.00 level might eliminate the bullish outlook. In that case, bearish pressure may extend toward the 30.00 area.
GMX/USD Intraday Price Action Analysis
First, the buying pressure is clearly visible from the 41.12 high volume level, which is below the current price. It also indicates that the bearish pressure from the 65.00 level came as profit-taking to the existing bullish pressure. Therefore, the primary idea is to expect the price to show a bullish rebound where the 41.12 level would work as important support.
The weekly VWAP, another tool to determine the dynamic support and resistance, is above the price, like the dynamic 20 EMA. Therefore, investors should find the price above the 20 EMA with an H4 candle close before aiming to see the price above the VWAP.
The TDI indicator shows a corrective price pressure where a bullish recovery and a stable position above the 50% level are needed before going long in this pair.
Based on the GMX Price Forecast, a bullish recovery with an H4 candle close above the 20 EMA could extend the bullish momentum towards the 60.00 area. However, the selling pressure must take the price below the 37.00 level with a bearish candle before aiming for the 30.00 level.
Is GMX (GMX) A Buy?
According to the GMX/USD Forecast, the broader crypto market is still bearish, and taking a buy position in GMX/USD needs additional attention on risk management. However, the bearish correction is on and investors should monitor how it reacts on the near-term support areas before opening a position.
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