GMX Price Prediction: How Likely Is GMX To Reach $50 In The Coming Weeks?

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GMX is still maintaining its price uptrend within the past 24 hours. According to data from CoinMarketCap, GMX surged 8% over the past day.

But amid the uncertainty and price fluctuations that always play out within the crypto market, will GMX soon hit the $50 region?

Find the possibility through the token’s technical analysis.

Technical Indicators Point Towards an Increase in Bullish Activities

GMX Price Prediction: How Likely Is GMX To Reach $50 In The Coming Weeks? — GMX/USDT Daily Chart SOURCE: Tradingview

It can be seen on the chart that GMX is trading below the 50-day and 200-day simple moving average SMA, indicating that the asset is on a long-term and short-term downward trend in price.

Further, GMX’s price is being held back by its 50-day SMA. A flip above this level could suggest a short-term bullish price rally for the asset.

Secondly, the Moving Average Convergence Divergence MACD trades above the signal line with red histogram bars, which denotes growing buyer’s activities in the market.

Meanwhile, the relative index of 37 shows that the price of GMX is relatively neutral and hasn’t reached the oversold zone yet.

The following indicators suggest a bullish price momentum for GMX in the coming weeks.

However, traders and investors should consider other metrics and not rely only on indicators when making investment decisions, as the crypto market is always prone to high price volatility.

GMX Support and Resistance Price Levels

Based on the chart above, the GMX/USD market is controlled by bulls as buying pressure grows. GMX’s price could rise to $38.58 resistance if their actions persist in the next few days.

Then, if more investors purchase GMX due to the increasing price, the asset could surge to the $47.83 resistance level in the next few weeks.

However, if the market runs forcing more sell orders, GMX’s value may drop to the $29.88 support zone, resulting in a 19% price loss.

GMX Price Rally Defies The Bears – Could It Hit $50 Zone?

The crypto market has struggled under the influence of the bears in the past few days, with several prominent crypto assets thrown into the red. However, GMX follows a different pattern.

The asset recorded a 13% increase in its 7-day price action, higher than most altcoins on the market.

As of 05:08 AM EST on September 19, GMX trades at around $35.50. The project created a price rally, taking its value from the $30 region as of September 11 to $35 today.

Also, GMX’s 24-hour trading volume spiked by 75% to over $15.87 million.

If the buyers keep a higher momentum in the coming weeks, the action could trigger increasing demand for GMX and a potential price surge.

Arbitrum Ecosystem Drives GMX Growth and Price Surge

GMX is a decentralized exchange developed on the Arbitrum blockchain. The asset is the largest DEX token in the ecosystem. This is one of the critical factors driving GMX’s massive growth and price rally.

Also, Arbitrum’s lower transaction fees and high scalability compared to the Ethereum blockchain attract more crypto participants, impacting the value of GMX.

Recently, Arbitrum introduced an incentive program through a community-driven initiative. The program is set to enhance network usage, increase users’ engagement capacity, and ensure a more extensive, stable, and functional ecosystem.

Based on its outlined criteria, the program proposes a reward of about 75 million ARB tokens to users in a transparent and effective distribution approach.

The incentive program has rekindled investors’ and traders’ interest in the ecosystem. As part of Arbitrum’s ecosystem, GMX is potentially benefiting from opportunities that might lead to a possible price rally even in the future.

GMX V2 Beta Launched, Another Factor Driving Higher Price Growth

In August, GMX launched its version 2.0 beta on Arbitrum and Avalanche networks. The V2 platform is expected to scale up the project’s functionalities and drive more sustainable growth for the DEX.

GMX V2 beta is Live on @Arbitrum and @Avax! 🫐

-> https://t.co/03RhM4LBou

– New assets are available for trading
– Multiple collateral types can be used
– Faster execution speed & lower slippage
– Low-fee swaps and trades
– Isolated pools
– OI balancing and Swap incentives

1/5 pic.twitter.com/Q8QDdd0686

— GMX 🫐 (@GMX_IO) August 6, 2023

The new version included more crypto assets for trading, allowed the use of multiple collateral types for borrowing, and isolated pools.

Also, it offers lower fees on trades and swaps, ensuring faster execution of transactions with lower slippage and more.

GMX V2 has already hit a milestone, recording over $1 billion in total trading volume. The trend indicates increasing adoption for GMX and its potential price rally.

While GMX is gradually rising in value, investors can leverage a low-priced crypto asset, BSC, to prepare for more gains in the short term.

GMX Best Alternative – Bitcoin BSC (BTCBSC)

Developed on the BNB Smart Chain, BTCBSC is a green crypto token for sustainability and security.

Bitcoin BSC is offering a presale that comes with explosive returns for investors. The presale rate comes at $0.99, a reminiscent price of Bitcoin in 2011.

It aims to recap Bitcoin’s investment boom during the period while drawing those who missed the investment explosion.

BTCBSC has reached a milestone, raising over $3 million from its target of $6.06 million. This proves its massive adoption in the crypto space.

https://twitter.com/Bitcoinbsctoken/status/1704044911664746976

Additionally, Bitcoin BSC allows users to earn passive income through its stake program. Just as Bitcoin produces new blocks every 10 minutes, Bitcoin BSC rewards users in the stake pool with BTCBSC coins within the same time frame.

According to its tokenomics, the project reserved about 14,455,000 tokens as rewards for staking. The staking earning depends on users’ shares in the staking pool and the available APY, which is higher than the conventional industry value.

Interested investors can buy BTCBSC using ETH or USDT on the project’s official website.