GMX Price Analysis: Is It a Good Crypto

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GMX is a token of the platform GMX.io. Its current price is around $83.09 at the time of writing, with a low of $11.49, and it has a market cap of 703 million dollars.

What is GMX.io (GMX)?

GMX is the coin of the GMX.io platform, which is worth around $83.09 at the time of writing, with a low of $11.49. It reached a high of $83.29, and its current ranking is #71, according to CoinMarketCap, with a market cap of 703 million dollars.

GMX is a decentralized spot & perpetual exchange with low swap costs and zero price movements when trading. It’s supported by a multi-asset pool that enables liquidity providers to earn via market making, swap fees, leverage trading & asset rebalancing. GMX, a perpetual contract trading platform for top cryptos, was launched in Sept 2021. It differs from decentralized spot exchanges as you don’t need to purchase or sell digital tokens here. Instead, you must deposit collateral, and then you can open long or short positions.

GMX Coin Market Analysis 

GMX has a total supply of 8,874,061 coins worth around $83.09 with a market volume of 70 million dollars, whereas the market capitalization is 703 million dollars at writing. In addition, GMX brings a distinct set of capabilities to the DeFi arena, such as its GLP liquidity pool, that allows traders & investors to make considerable profits by staking their GMX or GLP tokens. Besides these advantages, it is also known for its low costs and high returns – making it an extremely valuable addition to the current DeFi atmosphere.

GMX Price Prediction

On the 1D timeframe, the price action of $GMX/USDT has broken the neckline of the inverse head & shoulder pattern. Currently, the price is trying to make a new high. So we have to wait for further price action.

For any time, on-demand analysis on $GMX or any other coin can join our Telegram channel.

Gmx Price Analysis
GMX Price Analysis

Closing Thoughts

The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.

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Pratyaksh
Pratyaksh

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