GMX Price Takes Down $35 Resistance, Can It Rally To $40?

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GMX recovered admirably after bouncing off support at $30 on September 11. The token, native to the decentralized perpetual exchange, is up 3.5% to $35 on Tuesday amid signs of the uptrend gaining momentum.

An ascending trendline holds the uptrend in place but key buy signals from indicators like the Moving Average Convergence Divergence (MACD) reveal that the path with the least resistance is to the upside.

A buy signal came into the picture with the blue MACD line flipping above the red signal line. The momentum indicator also changed the trend from the negative region (below the mean line) into the positive region, further reinforcing the bullish narrative.

GMX price chart — GMX/USD four-hour chart | Tradingview

GMX holds above key moving averages like the 50-day Exponential Moving Average (EMA) (red) and the 100-day EMA (blue). However, a four-hour to a daily close above $35 would be critical to the bulls as they push to close the gap to $40.

Reinforcing the bullish grip is the SuperTrend indicator. Like a moving average, this indicator overlays the chart. However, it incorporates readings from the average true range (ATR), thus gauging the volatility in the market.

A bullish signal occurs when the SuperTrend moves below GMX price while traders are informed to consider shorting GMX if the indicator changes color from green to red and flips above the price.

Is GMX Price Ready For A Bull Run?

The majority of cryptos are suffering from diminishing volatility led by Bitcoin and Ethereum. Significant price movements, either up or down are difficult to come by, resulting in lengthy consolidation periods.

This lack of volatility has continued to drive traders to mid-cap altcoins like GMX, thanks to their ability to trigger price pumps during the bear market. Therefore, traders are likely to continue piquing interest in GMX, especially if the uptrend extends above the 50-day EMA at $37.62 on the daily chart.

The Relative Strength Index (RSI) adds credibility to the uptrend as it pushes above the midline targeting the overbought region. However, GMX price is not out of the woods until bulls bring down the confluence resistance created by the 100-day EMA (blue) and the multi-month descending trendline.

Arbitrum Odyssey: Reignited Returns with GMX Driving Price Rally

The Arbitrum ecosystem in collaboration with GMX is allowing community members to explore up to 13 different projects by completing missions. According to a post on Medium, by the Arbitrum Foundation, this is a learning opportunity for members to discover projects within the ecosystem and earn badges.

“A mission could be anything from utilizing a DeFi app to completing a game!”

Different missions have been designed for every week. There are 16 badges to be collected, where 13 would be obtained for completing missions dedicated to each project. Participants who took part in last year’s bridge week will be eligible for one more badge, another badge will be awarded to users who bridged with Hop Protocol and the final badge will be given to every member who collects 12 out of 15 badges.

“The Arbitrum Odyssey: Reignited will begin on week 1 (see table below), starting with GMX. You can also claim your Hop badge now if you used it last year during bridge week,” the post on Medium stated.

The Arbitrum Odyssey is a program launched roughly a year ago. It allows users to interact with different projects in the Arbitrum ecosystem and receive NFTs designed by Ratwell & Sugoi.

The @Arbitrum Odyssey: Reignited will begin tomorrow, Tuesday 26 September, and start with GMX.

Two straightforward missions await you, and will help you discover GMX V2. Prepare for your on-chain excursion by signing up at @Galxe. https://t.co/I0BaFXik8J

— GMX 🫐 (@GMX_IO) September 25, 2023

GMX is the first protocol to be featured in this year’s Arbitrum Odyssey: Reignited. The impact on the price may not be direct but the week exposes GMX to a wider audience in the Arbitrum ecosystem.

GMX Alternative To Consider – Meme Kombat

Crypto presales have become the most affordable way to buy digital tokens. They give investors a once-in-a-lifetime opportunity to buy tokens at extremely low prices before they are listed for public trading.

Meme Kombat is one of the most interesting crypto projects in the presale stage, selected by InsideBitcoins’ experts. It combines three powerful Web3 elements: staking, play, and rewards.

New Cryptocurrency Meme Kombat ($MK) Launches Public Token Presale, Staking Platform –
New crypto project ‘Meme Kombat’ has announced the presale of its native token is now live, in a September 21st tweet from its official X account @Meme_Kombat. $MK token is able to be pu… pic.twitter.com/eIeI6WlPK5

— The Industry Spread (@industryspread) September 25, 2023

The team behind Meme Kombat believes that by leveraging the power of the Ethereum blockchain it can foster the development of a unique ecosystem for gamers, meme lovers, and people interested in passive income through staking.

$MK, the token at the core of the crypto project, has been utilized to create an environment where players, stakeholders, and crypto enthusiasts participate in the activities they treasure. The token helps in automating battles, wagering, and staking.

Investors are scooping up $MK tokens in a presale launched a few days ago at $1.667 for 1 $MK. A crypto wallet loaded with either ETH, USDT, or BNB is required to participate in the presale.

Most Searched Crypto Launch - Pepe Unchained

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