- GMX price continues to show bullish strength as price increases on all timeframes, as there is no sign of retracement.
- GMX is one of the arbitrum favorites listed on the Binance innovation trading interface.
- The price of GMX holds above support as price trends on the daily timeframe to create new all-time highs.
GMX token (GMX) has continued to look bullish as the price trend week in week out on the Arbitrum network as GMX token gets listed on Binance innovative center. The price of GMX has seen a rosy start to its launch despite its emergence in the bear market; the price continues to trend and remain bullish even in the face of uncertainty in the market. With the current market looking more promising ahead of more relief bounces from altcoins, we could see the price of GMX token (GMX) doing extremely well. (Data from Binance)
GMX Token (GMX) Price Analysis On The Weekly Chart
The new month has come with more relief for most crypto projects, with altcoins, such as BTC, ETH, and even XRP, continuing to show strength after weeks of downtrend movement.
The price of GMX has continued to show its bullish strength despite being rejected from the $60 mark as the price tried to trend higher, creating a new all-time high.
After a rejection from $60, the price retested its support area of $37 as price quickly bounced off, rallying with great strength to $50. With the current bullish structure, GMX has continued to sustain it is just a matter of time before the price retests its all-time high.
The weekly price for GMX closed bullish ahead of a new week, with the price opening with a more bullish sentiment. The news of the token being listed on the Binance innovation zone is a big plus for the price of GMX.
Weekly resistance for the price of GMX – $60.
Weekly support for the price of GMX – $37.
Price Analysis Of GMX On The Daily (1D) Chart
On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B); this has helped most altcoins, including the price of GMX; despite losing its uptrend line, the price has continued to show great bullish strength to reclaim this region.
The current price of GMX is $49.8 as the price continues to trade above 8 and 20-day Exponential Moving Averages (EMA) after flipping this into support for GMX price. The price at $40 corresponds to the values of 8 and 20-day EMA acting as support.
Daily resistance for the price of GMX – $60.
Daily support for the price of GMX – $37.
Featured Image From zipmex, Charts From TradingviewCredit: Source link
