GMX Analysis: GMX Boosts 1% – How Does It Compare to Other Exchange Tokens?

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GMX (GMX) price is trying to recover the ground lost during the slump that began in late July that sent the token down 45%.

After funding support at $30.38, a recovery rally is underway, steered by growing momentum among bulls.

The trajectory or the Relative Strength Index (RSI) points to that effect, showing growing momentum as more bulls flock to the scene. However, it is impossible to ignore that at the current value of $35.88, GMX price is testing a supply zone. This is an order block where sellers abound, meaning aggressive selling is expected here. As such, it is likely that GMX will face a rejection here.

However, if buyers overpower the bears, GMX price could break past the mean threshold of the first supply zone, which coincides with the 50-day Exponential Moving Average (EMA) at $38.58. A break and close above this level would confirm the continuation of the move north.

In a highly bullish case, the gains could continue, potentially sending GMX price to the second supply zone. This would render the first one a bullish breaker. Before testing supply zone 2, however, GMX must overcome resistance due to the 100-day EMA at $43.33.

A successful breach of the mean threshold of the second supply zone would clear the path, confirming a continuation. GMX could tag the $60.00 psychological level in highly ambitious cases, reclaiming the late July highs.

Besides the RSI, another momentum indicator supporting the uptrend is the Awesome Oscillator (AO), flashing green while sustaining in the positive zone. This suggests that bulls are heading the market.

Conversely, with some of the traders who bought GMX at $30.38 or around the latest low of around $33.34 likely to start cashing in, GMX price’s uptrend is under threat.

On-chain Metrics: IntoTheBlock

Data from the on-chain analytics platform IntoTheBlock shows that at the current value, 92.90% of GMX holders are sitting on unrealized losses (out of the money).

On the other hand, only 1.85% of token holders are sitting on unrealized profit (in the money), and 5.52% are breaking even (at the money).

With more traders incurring losses, they are likely to start looking for exit points. Besides selling at a loss to avoid deeper cuts, they are likely to exit once they break even. The ensuing selling pressure could confirm the downtrend, sending GMX price toward the support floor at $30.38. In the dire case, the downtrend could continue for a quick liquidity sweep with some uncollected liquidity resting underneath.

Meanwhile, analysts are very optimistic about another coin, MK, anticipating 10X growth potential for early investors.

GMX Alternative

Meme Kombat and its ticker MK are the latest presale sensation in the crypto market, presenting as an innovative gaming platform. The developers have tailored it for gaming enthusiasts with active betting, passive staking, and other rewards for users.

The project is in the presale stage, leaping fast with more than $100,000 already in the bank. It is going so well that experts are beginning to think the meme season is back.

This comes as investors continue to buy MK using Ethereum (ETH) or Tether (USDT). Players buy and stake the MK tokens, giving them an entrance into the exciting meme battles. The aim is to win more tokens and other prizes. Interestingly, there are many memes to wager on, depending on the odds or simple preference.

Are you not entertained!! pic.twitter.com/t5q48dU3DN

— Meme Kombat (@Meme_Kombat) September 26, 2023

MK is the hottest new stake-to-earn gaming meme crypto, featuring an AI-based gaming platform with two-factor staking. On one hand, users can earn yields; on the other hand, you can use the tokens for betting. All these occur within a decentralized Web3 space where trust and transparency are prioritized.

The project is built atop the Ethereum blockchain, offering AI-powered battles with iconic memes as characters. With these, players can bet using the project’s in-house coin, MK. Here is a review of the project.

Interestingly, there is an automatic staking feature, with purchased tokens initiating staking automatically for the buyer’s wallet. This marks the beginning of your earning rewards with Annual Percentage Yields (APY) as high as 112%. You are liable for these rewards just by holding MK.

Meme Kombat Timing

In just about a month (3-4 weeks), the APY rewards will become visible on the website’s staking page. Nevertheless, it is worth mentioning that rewards will grow during this period. However, to qualify for presale staking rewards, you must restate all available tokens for a minimum of one locking period.

Once the presale is over, staking wallets can restate their tokens to claim the staking rewards. This process is simple, with a comprehensive guide to the restaking process.

The guide will also show how you can see your purchased balance or existing rewards.

Visit Meme Kombat here

There is a referral link already live, adding to the list of passive income earners. Share the link and get a 5% commission from every transaction the person who enlists using your link makes. Even expert analyst Michael Wrubel is bullish on Meme Kombat.