GMX Price Forecast: GMX Expected to Surge 25% After Recent Upgrades

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GMX, the native and governance token that powers GMX, an Arbitrum-based DEX for trading perpetual crypto assets, is under the influence of buying pressure.

Coinggecko shows that the governance token has surged by 3% in the last 24 hours, pushing the price toward the previous high.

The daily chart shows that GMX is recovering from the previous bearish trend that took the coin to a yearly low of $28 on August 17. GMX previously attempted to breach this point, but the resistance at $39 prevented the market from going beyond.

However, given the token’s current momentum, there is a huge possibility that the price might hit or even break the strong resistance region.

GMX Technical Price Review – Will Price Rebound?

The chart shows that GMX has been in free fall since the second quarter began, losing nearly 45% since April 18. However, GMX’s market position today shows signs of rebound.

GMX trades above the (lower) Bollinger Band, suggesting that the cryptocurrency’s price is potentially oversold. This means the price may have temporarily dipped below its usual trading range, and there could be an opportunity for a price rebound or a trend reversal shortly.

Traders often use this signal as a potential buying opportunity, expecting the price to revert to its mean or move higher. The Relative Strength Index (RSI) of GMX is currently in an oversold condition, sitting slightly above 30, consolidating the signal from the Bollinger Band.

The Moving Average Convergence Divergence (MACD) shows that the buying momentum is increasing, supporting the potential for a market rebound in the coming days.

If the buyers can sustain this momentum, GMX may target the $57 strong resistance level or even pump higher toward the previous monthly high of $62.

GMX Price Is Heavily Affected by Whale’s Manipulation

Whale’s manipulation has been one of the setbacks GMX and most crypto assets face today.

The whale’s ability to accumulate or offload large quantities of the coin can distort market supply and demand, potentially leading to increased volatility and market instability.

Recall that, on August 10, there was a significant sell-off of GMX tokens, which coincided with some big GMX token holders, often called “whales,” taking action.

4 whales dumped a total of 62,274 $GMX($3M) in the past 24 hours, which dropped the price of $GMX by ~7%. pic.twitter.com/nmC9z45URz

— Lookonchain (@lookonchain) August 11, 2023

According to data from Lookonchain, four of these big holders sold a total of 62,274 GMX tokens, which were worth about $3 million.

One of these holders, with the address “0xb824,” sold 19,786 GMX tokens, equivalent to 514 ETH, and another one, with the address “0xa38a,” sold 11,667 GMX tokens for 305 ETH, resulting in a loss of $50,000.

Additionally, two more holders, “0X85b7” and “0x0b80,” also sold 20,000 GMX tokens for 510 ETH and 10,820 GMX tokens, respectively, in a similar move.

This massive token sell-off affected the price of GMX today, resulting in a decrease of over 7%, based on the report from Lookonchain. But while GMX is seemingly reacting to the manipulations, investors can dive into the new presale of BSC coins at an affordable price.

GMX Alternative

A promising cryptocurrency project has emerged, featuring substantial staking rewards and an enticing presale opportunity that could yield substantial profits for early investors.

Bitcoin BSC ($BTCBSC) is a fresh staking-based initiative closely resembling Bitcoin’s state in April 2011. Bitcoin was valued at a mere $0.99, with only 6 million coins circulating.

Earn Free Bitcoin Clone Tokens with Stake-To-Earn BTCBSC Features

Bitcoin BSC has set its sights on outperforming other Bitcoin replica coins with a well-known strategy in its arsenal – staking. While BTC2.0, distinct from BTC20, has performed poorly since its peak, BTC20 has taken a more consistent and cautious approach.

This is primarily attributed to the stabilizing influence of staking, which counters any potential selling pressure during listing.

In this manner, Bitcoin BSC aims to follow in the footsteps of BTC20 by adopting a similar framework and approach, creating a solid foundation for price growth. Like BTC20, Bitcoin BSC has staking functionality integrated into its core design from the very beginning.

The presale was launched on Tuesday, September 5, and has gained traction across the crypto asset. In the presale, they’ve raised about $21,000 in just a few days of launch and are selling at $0.99, an attractive entry point before a potential price hike.

The team allocated 4 million tokens to this presale and promised to release an additional 2.125 million if the presale sells out fast due to high demand.

Potential investors should visit the presale site or telegram group for more information on the project. Interested investors can purchase the tokens via the presale website using BNB, USDT, or ETH.