- Because of the worth uptick, bullish sentiment round GMX was dominant.
- Just a few market indicators turned bearish, suggesting a value correction.
GMX buyers started 2024 on an excellent observe, because the token’s value has rallied considerably within the current previous. Whereas the token’s value gained bullish momentum, an attention-grabbing sample shaped on its chart, which instructed an additional hike in its value within the days to come back.
GMX buyers are having fun with earnings
The token’s value gained bullish momentum as we entered 2024.
In response to CoinMarketCap’s knowledge, GMX was up by greater than 35% within the final seven days. The truth is, within the final 24 hours alone, the token’s value surged by greater than 7%.
On the time of writing, GMX was buying and selling at $63.18 with a market capitalization of over $589 million.
Because the token’s value elevated considerably, AMBCrypto took a have a look at its social metrics. Our evaluation of Santiment’s knowledge revealed that its social quantity remained excessive final week.
Moreover, bullish sentiment round GMX was dominant out there, as evident from its excessive weighted sentiment.
Whereas that occurred, a bullish sample shaped on the token’s chart. Ali, a preferred crypto analyst, lately revealed in a tweet {that a} bullish head and shoulder sample shaped on GMX’s chart.
If the token manages to carry this sample, then its value may rise additional and even contact $80 within the coming days.
$GMX appears to be rising from a head-and-shoulders sample, signaling a possible 50% upward transfer.
If this sample holds true, we might see #GMX making strides in direction of $84. pic.twitter.com/AR4ITnc2ss
— Ali (@ali_charts) January 2, 2024
Will GMX contact $80 in January 2024?
To raised perceive the potential for the token touching $80, AMBCrypto took a more in-depth have a look at the token’s on-chain knowledge.
We discovered that its MVRV Ratio surged significantly over the past week, which will help elevate its value additional. Whale exercise across the token additionally remained excessive.
Nevertheless, GMX’s community progress sank, that means that fewer new addresses have been created to switch the token.
Nonetheless, if GMX manages to take care of its uptrend, it’d face resistance close to the $64 mark. This appeared to be the case, as beforehand, when the token’s value reached that degree, its liquidation elevated, inflicting a slight value correction final week.
However the potential for a value correction earlier than GMX touches $80 was excessive, as a number of market indicators appeared bearish.
Reasonable or not, right here’s GMX market cap in BTC‘s phrases
As an example, the Relative Energy Index (RSI) was about to enter the overbought zone. This could improve promoting strain on the token and push its value down.
On prime of that, Chaikin Cash Move (CMF) registered a downtick, additional growing the possibilities of a value correction.