In this GMX technical analysis, we will examine the current price action, trading volume, key levels and indicators for GMX-BTC. Here are three sentences about GMX cryptocurrency: GMX is a decentralized cryptocurrency that utilizes a novel consensus algorithm called “Proof of Space” which allows users to earn rewards for providing storage space on their devices. GMX also features a unique governance system that enables holders of the cryptocurrency’s native token, GMX Coin, to vote on proposals for the development and growth of the network. By leveraging blockchain technology and incentivizing users to contribute valuable resources like storage space, GMX aims to create a more equitable and sustainable digital ecosystem.
GMX Price Overview:
As of October 02, 2023, GMX is trading at approximately 0.00143 BTC. Let’s dive into the detailed price action for GMX-BTC:
| Metric | Value |
|---|---|
| Open (O) | 0.00151 |
| High (H) | 0.00153 |
| Low (L) | 0.00139 |
| Close (C) | 0.00143 |
| Volume (C) | 1,356.38 |
- Open (O): The opening price for today’s trading session was approximately 0.00151 BTC.
- High (H): GMX reached a daily high of around 0.00153 BTC.
- Low (L): The daily low for GMX-BTC was approximately 0.00139 BTC.
- Close (C): At the time of analysis, GMX is trading near its daily close of 0.00143 BTC.
| Metric | Value |
|---|---|
| 1D Change (%) | -6.05% |
| 3D Change (%) | -0.28% |
| 7D Change (%) | 8.34% |
| 30D Change (%) | 12.52% |
| 90D Change (%) | -23.42% |
| YTD Change (%) | -43.18% |
Over the past three days, GMXBTC has declined by approximately -0.28%, showcasing increased market volatility. Throughout the last week, it continued to rise, with a gain of around 8.34%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with GMXBTC maintaining an upward trend of approximately 12.52%, despite intermittent fluctuations. Examining the last 90 days, GMXBTC has witnessed substantial fall of approximately -23.42%, reflecting strong long-term confidence. Year-to-date, GMXBTC has steadily decreased by around -43.18%, 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 0.46135.
- Momentum score is 0.1252.
GMX BTC Technical Analysis
GMX Trading Volume:
The trading volume for GMX (GMX) over the past 24 hours has been significant, with approximately 1,356.38 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 above the 50-day SMA, indicating short-term bullish momentum.
- 200-day Simple Moving Average (SMA): GMX is also trading above the 200-day SMA, indicating a positive long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for GMX-BTC is currently in the neutral zone, around 50.01179. This suggests that GMX is in range-bound territory.
Analysis from TradingView:
Our Key Takeaways:
GMX (GMX-BTC) is currently exhibiting signs of short-term bullish 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 neutral RSI and significant trading volume are neutral signals for potential sideways movement.
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.
