In this GMX technical analysis, we will examine the current price action, trading volume, key levels and indicators for GMX-BTC. GMX is a decentralized platform that enables users to create and trade digital assets on the Ethereum blockchain. It utilizes a novel consensus algorithm called “Proof of Burn” to secure its network and incentivize participation. With GMX, users can easily create and manage their own digital asset portfolios without the need for intermediaries or centralized authorities.
GMX Price Overview:
As of June 17, 2024, GMX is trading at approximately 0.00047 BTC. Let’s dive into the detailed price action for GMX-BTC:
| Metric | Value |
|---|---|
| Open (O) | 0.00049 |
| High (H) | 0.00049 |
| Low (L) | 0.00046 |
| Close (C) | 0.00047 |
| Volume (C) | 1,333.00 |
- Open (O): The opening price for today’s trading session was approximately 0.00049 BTC.
- High (H): GMX reached a daily high of around 0.00049 BTC.
- Low (L): The daily low for GMX-BTC was approximately 0.00046 BTC.
- Close (C): At the time of analysis, GMX is trading near its daily close of 0.00047 BTC.
| Metric | Value |
|---|---|
| 1D Change (%) | -4.68% |
| 3D Change (%) | -4.29% |
| 7D Change (%) | -13.33% |
| 30D Change (%) | 6.12% |
| 90D Change (%) | -32.17% |
| YTD Change (%) | -64.11% |
Over the past three days, GMXBTC has decreased by approximately -4.29%, showcasing increased market volatility. Throughout the last week, it continued to drop, with a loss of around -13.33%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with GMXBTC maintaining an upward trend of approximately 6.12%, despite intermittent fluctuations. Examining the last 90 days, GMXBTC has witnessed substantial fall of approximately -32.17%, reflecting strong long-term confidence. Year-to-date, GMXBTC has steadily depreciated by around -64.11%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.
GMX Live Chart:
You can access a live price chart for GMX-BTC on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.
Price Volatility and Momentum:
- Volatility score is 0.78359.
- Momentum score is 0.02407.
GMX BTC Technical Analysis
GMX Trading Volume:
The trading volume for GMX (GMX) over the past 24 hours has been significant, with approximately 1,333.00 BTC traded against GMX. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.
Moving Averages:
- 50-day Simple Moving Average (SMA): GMX is currently trading below the 50-day SMA, indicating short-term bearish momentum.
- 200-day Simple Moving Average (SMA): GMX is also trading below the 200-day SMA, indicating a negative long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for GMX-BTC is currently in the low zone, around 44.83044. This suggests that GMX is in bearish territory.
Analysis from TradingView:
Our Key Takeaways:
GMX (GMX-BTC) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the BTC monthly resistance level and the BTC support level for potential trading opportunities. Additionally, the low RSI and significant trading volume are low signals for potential downward movement.
Delve into potential challenges for GMX (GMXBTC) at 4.68e-04 BTC, guided by bearish technical analysis emphasizing weakened support and cautionary indicators.
Missing our detailed breakdown on GMX USDT GMX Technical Analysis would be a lost opportunity if you found value in this post.
Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.
Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.
Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.