GMX Gears Up: Analysts Foresee GMX Gaining Ground by 30%

Updated: 07 September 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The native token of the Arbitrum-based DEX for trading perpetual crypto assets, GMX, has been on a recovery wave. CoinGecko data shows that the price has been trending upward in the last few days, aiming for the previous high.

Also, the TradingView chart shows that GMX/USD is recovering from the previous bearish trend that dragged it to its all-time low of $25.89 on August 17. However, the coin still exhibits a bearish sentiment, dropping by 7% in the last seven days and 33% in the 30-day trading period.

Given its present momentum, there’s a significant likelihood that the price could reach or potentially surpass the formidable resistance zone.

GMX Technical Overview: What’s Happening on The Chart?

The chart shows that GMXUSD is above the lower band of the Bollinger Bands indicator. This means that the price of the coin is undervalued. It also suggests that the coin is at a lower price point and could be an excellent time to consider buying it.

Also, the asset’s Moving Average Convergence Divergence (MACD) is above the signal line, and the histogram bars are green, indicating positive momentum in price. This also signals a buying opportunity for traders and investors.

The coin might be considered oversold with the Relative Strength Index at 32. This could trigger an upward price movement shortly. However, it’s essential to thoroughly research and consider other factors before making investment decisions.

GMX Trades in ‘Channel Down’ Technical Pattern, Time For Breakout

GMX coin has undergone a significant shift in its chart pattern. Initially following a ‘channel up’ trajectory, it recently experienced a drastic plunge below this trend, leading to a substantial drop in price, ultimately reaching an all-time low ($25.89).

This transformation has given rise to a fresh pattern known as a ‘channel down.’ This pattern suggests a continued downward trend in the coin’s price.

However, there is a latest development on the horizon. The price shows signs of potential upward movement, indicating a possible breakout from this newly established ‘channel down’ pattern.

This shift could signify a change in market sentiment, potentially leading to a period of recovery and growth for the coin.

Investors and traders should closely monitor these developments, as a successful breakthrough above the ‘channel down’ pattern could mark a crucial turning point for the coin’s trajectory.

GMX’s Total Value Locked (TVL) Rises Above $440 Million, Showing Renewed Investors’ Optimism

Since the coin encountered a bearish sentiment in August, its TVL started declining, causing speculations about whether investors are leaving the protocol. The TVL went down from a high of $700 million to $440 million, representing a decline of 43%.

However, the coin’s TVL has stayed steady above $440 million in the past few days, showing renewed confidence in the coin. GMX having over $480 million in Total Value Locked (TVL) means that many people have put their money into this project, showing they trust it.

In addition, having more than $480 million in TVL means a lot of money is available for trading and other transactions. This can stabilize prices, which is suitable for users and traders.

GMX Alternative – Bitcoin BSC

Bitcoin BSC (BTCBSC) is making waves in the cryptocurrency world as an exciting proof-of-stake token, offering users the chance to earn rewards every 10 minutes.

This cryptocurrency gem is built on the Binance Smart Chain. It trades at $0.99, with nearly six million coins circulating.

Considering this success, market analysts remain optimistic that the same fate could meet with the BTCBSC project upon its anticipated launch.

BTCBSC Presale Highlights

During its presale phase, BTCBSC is priced at $0.99, with 6.125 million tokens available for purchase, mirroring the circulating supply of Bitcoin from that era.

However, BTCBSC differs from Bitcoin’s proof-of-work (PoW) consensus model by opting for a more efficient proof-of-stake (PoS) system. This PoS mechanism enhances efficiency and allows users to lock their tokens in a staking pool while earning rewards.

Compared to other prominent PoS tokens like Ethereum (typically 4-5%), Cardano (5-10%), and Solana (6-7%), BTCBSC’s rewards are expected to outperform them significantly.

BTCBSC’s ongoing presale opens a chance to those willing to participate in this progressive journey. You can purchase ETH, BNB, or USDT and then swap for the BTCBSC token on its official website.