GMX Token Top Arbitrum Network, How Far Can It Go?
The price of the GMX token has shown so much strength despite the downtrend across the market, with the GMX token eyeing a rally to its all-time high of $60. Bitcoin’s (BTC) price has shown less steam compared to recent times, this has affected most crypto assets, but this can not be said of GMX token. (Data from Coinex)
GMX Token (GMX) Price Analysis On The Daily Chart
GMX token price has shown so much strength creating a higher high after hitting a low of $13; the price bounced off from this region and rallied to $55.
The price of GMX rallied to a high of $55 but was rejected as this proved to be a resistance for GMX on the daily chart.
GMX price dropped to a region of $35, forming daily support to hold off the price from selling. The price of GMX has continued to hold above support and build momentum to break above this region.
The price of GMX is currently trading above its support, with eyes set for more highs.
Daily resistance for the price of GMX – $55.
Daily support for the price of GMX – $35.
Price Analysis Of GMX On The Four-Hourly (4H) Chart
After falling from a high of $55, the price of GMX on the four-hourly timeframe has formed support at $30, holding the price of GMX from going lower as this has become an area of demand for GMX price.
The price of GMX has formed a bullish trendline acting as support for the price of GMX; as long as the price of GMX respects the trendline acting as support for its price, we could see the price of GMX going higher to a new high and possibly reaching its all-time highs.
If the price of GMX fails to hold this trendline and breaks below, we could see the price going lower to a region of $40, where it has formed support in the four-hourly timeframe before its rally.
Despite being rejected recently from the $55 mark, GMX price has continued to look bullish with more buy volume for this coin.
Four hourly (4H) resistance for the GMX price – $55.
Four hourly (4H) support for the GMX price – $40.
Price Analysis Of GMX On The One-Hour (1H) Chart
The price of GMXon the 1H timeframe has continued to respect the trendline while creating higher highs; if the price of GMX continues its bullish structure, we could see GMX going past the $60 mark.
If the trendline supporting the GMX token is broken, we could see the price revisiting $43, just above the 200 Exponential Moving Average (EMA). The price of GMX is currently trading above the 50 and 200 EMA, acting as support for GMX’s price in the 1H timeframe.
The price of $47 and $43 corresponds to the 50 and 200 EMA values on the 1H chart.
The Relative Strength Index (RSI) for GMX on the 1H chart is above 60, indicating buy order volume for the GMX price.
One-Hourly (1H) resistance for the GMX price – $55.
One-Hourly (1H) support for the GMX price – $47, $43.
Featured Image From Currency, Charts From TradingView.com