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GMX, the token powering GMX.IO decentralized exchange (DEX), is spiking all over again after sliding from its 2023 high of $81.47. Following a 27.54% dip, the bulls secured support at $59.00, a move that let bulls take back the reins. GMX is up 7.5% to exchange hands at $64.40 during the American session on Saturday.
If bulls nurture the ongoing uptrend, investors might be treated to a whopping 27.16% breakout to $82.00. The biggest task for the bulls is to hold onto support provided by a critical moving average of around $64.00. This support is crucial for the continuation of the uptrend as it would uphold investor confidence while allowing GMX to collect the required liquidity for a potential rally.
After facing turbulence like the rest of the crypto market this week, GMX’s silver lining appeared on Friday after listing on WOO Network. Investors welcomed the news with open arms as they rushed to take advantage of the zero-fee experience when trading GMX at WOO X.
WOO Network is the 33rd largest derivatives trading crypto exchange boasting approximately $82 million in daily volume. The exchange supports both crypto spot and futures trading.
GMX Price Prepares Breakout To $82
GMX price holds on top of the 100-day Exponential Moving Average (EMA) (in blue) at $62.24. On the upside, the DEX token seems boxed below a confluence resistance formed by the 50-day EMA (in red) at $64.40 and the slope of the lower highs, as seen on the four-hour time frame chart below.
A bullish breakout is the most likely outcome, considering the formation of a falling wedge pattern. Since the wedge appeared during an uptrend, traders would interpret it as a continuation pattern. In other words, there is a probability GMX will carry on the uptrend, bolstered by a breakout above the slope of the lower highs.
On breaking above the upper falling trend line, GMX price would be expected to make a nice move on the upside—approximately equal to the height of the formation. In this case, GMX price is looking forward to a 27.17% breakout to $82.00 extrapolated above the slope of the lower highs, as shown in the chart.
The position of the Stochastic oscillator in the upper range of the neutral affirms the bullish outlook, with buyers holding the reins. However, GMX price must close the day above the 50-day EMA and step above the wedge pattern for bulls to be on the safe side.
It would be prudent for traders to place buy orders marginally above the upper falling trendline, but leave them inactive for now. As GMX price stretches the leg higher, they will trigger the orders for possible profit booking at $72.00 and $82.00, respectively.
GMX price has just validated a bullish move in an engulfing green candle. Support on the daily time frame chart has been provided for by the upper accelerated rising trend line (dotted) and reinforced by the demand area at $59.00.
Unlike on the four-hour chart, the 50-day EMA (in red) is now in line to absorb the potential selling pressure, considering investors book early profits. Investors may decide to cash out on entries made above the dotted trend line in the range between $70.00 and $72.00 but stubbornly bullish traders might want to wait until GMX reaches $82.00.
On the flip side, declines could soon catch up with GMX price, especially with the Moving Average Convergence Divergence (MACD) indicator donning a sell signal. Notice the MACD line in blue sliding beneath the signal line in red, which could eventually turn the odds against the bulls.
The red histograms in the MACD – below the mean line at 0.00 imply a trend correction is still on the table. In other words, the ongoing rebound might not hold for long. Overhead pressure would mount on GMX price, especially if investors lose confidence in the uptrend and decide to lock in their gains early.
Traders who may want to short GMX price should wait until the token prints a bearish candle. However, that would not be the final confirmation as declines will depend on a daily close below the dotted trend line and the buyer congestion at $59.00. From here, traders would be looking for possible exit positions at the 50-day EMA at $55.13 and the 100-day EMA at $50.00.
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