GMX entering into Buying Zone? GMX price prediction

GMX is the governance token of the decentralized exchange (DEX) named GMX. The platform runs on the Arbitrum and the Avalanche blockchain, and uses Chainlink oracles for price feeds.

The crypto token seems a good candidate for buying at the current levels. Read more to know about the current price analysis, weekly analysis along with the news roundup.

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GMX Crypto Price Prediction

GMX is trading at $43.07 USD with a 24-hour trading volume of $25.97M. The current market cap of GMX is $476.81M.

The price has bounced from the support zone in the past and is again hovering around the same area.

Let’s have a look at the chart for trend analysis:

The price is lying above the horizontal support zone. We can expect a bounce upward.

Buy GMX

The GMX/USD pair has been trading in a downtrend since the peak, forming lower highs and lower lows on the daily chart. A break below this level could open the door for further losses toward the next support at $40, which is also the 200-day moving average.

On the other hand, a bounce from the $50 level could signal a reversal of the downtrend and a possible rally toward the resistance level of $60.

Weekly Price Analysis

The weekly chart shows that GMX has been in a consolidation phase since mid-November 2022, trading in a range between $40 and $60.

The pair is currently near the lower end of the range, indicating a bearish pressure. The weekly RSI is below 50, suggesting a lack of momentum. The weekly MACD is also negative, indicating a bearish trend. However, the pair is still above the weekly Ichimoku cloud, which acts as a dynamic support.

A weekly close below the cloud could confirm a bearish breakout and a downtrend continuation. Conversely, a weekly close above the cloud could indicate a bullish breakout and a trend reversal.

Future Outlook

The following events can have a major effect on the crypto:

The launch of new features and products, such as cross-margin, limit orders, and more trading pairs, which could increase the utility and offer more options and opportunities for traders.
The competition from other DEXs, such as Uniswap, SushiSwap, and dYdX, which have larger user bases, trading volumes, and market caps. GMX will need to differentiate itself and offer unique advantages and incentives to gain and retain market share.
The regulation and compliance issues that could affect the DEX space, such as the legal status and taxation of crypto derivatives, the KYC and AML requirements, and the potential bans or restrictions.