- Bullish sentiment around GMX is dominant, pointing to a price rally in the coming weeks and months.
- The token has posted gains of nearly 35% in the last 7 days, with the digital asset now trading above $63.
GMX has posted promising returns for investors at the start of the year. In the past 7 days, the digital asset has rallied by more than 35%. During this time, the digital asset reached a high of $63. However, the token has in the past 24 hours retraced to trade at $57.50 after a nearly 10% drop. But sentiments still point to a bullish path in the coming weeks and months.
The price rally has led to an increase in social volume as more investors take an interest in the altcoin. The altcoin, which is the utility and governance token of the decentralized spot and perpetual exchange, is further enjoying interest from investors amidst regulatory concerns around centralized crypto exchanges. Binance has come under scrutiny from the U.S. while collapsing in 2022. Other exchanges including Coinbase and Kraken have also come under fire due to the listing of tokens that the U.S. Securities and Exchange Commission (SEC) labels as securities.
Popular crypto analyst Ali has shared his views on the token on the X platform. The analyst has predicted an additional 50% rally soon. This would see the digital asset reach over $84. He noted;
$GMX seems to be emerging from a head-and-shoulders pattern, signaling a potential 50% upward move. If this pattern holds true, we could see #GMX making strides towards $84.
Pseudonymous analyst The Crypto Dog has also made a bullish prediction. In his view, the token could reach as high as over $100, noting;
GMX painting a massive multimonth inverse head and shoulders… Measure rule gives a target of $106 for GMX.
Measure rule gives a target of $106 for $GMX pic.twitter.com/BJmU6Hi3Og
— The Crypto Dog
(@TheCryptoDog) December 30, 2023
Boosting this narrative is whale activity which has spiked. Additionally, the MVRV Ratio has been on the rise in the past week. However, analysis reveals that network activity is on a decline. This paints a bearish picture of the long-term performance of the asset. But of note, GMX’s total trading volume on Avalanche has passed the milestone of $25 Billion recently. Furthermore, the Relative Strength Index (RSI) shows that the asset is overbought which could trigger a trend reversal.
As crypto adoption rises, driving interest from new investors, the platform will continue enjoying popularity. In addition, this is set to be a bullish year for the wider market. GMX will be a major beneficiary for both network activity and investment in its utility token.
