GMX’s short-term price prediction remains bearish as long as it continues to trade below the $40.00 level. The Cryptocurrency has formed a bearish pattern, and the selling pressure continues.
Currently, GMX’s price is trading below both the 50-day and 200-day EMAs, indicating a downtrend. However, given that prices have moved significantly away from the EMAs, a short-term pullback rally is possible.
In mid-August, GMX’s price broke below a critical support level at $40.00, triggering a panic sell-off that led to a 10% drop in prices within a single day. The price hit a low of $28.16, but buyers stepped in, pushing the session’s close to $35.40.
GMX price did not give the required follow-up momentum and got stuck into a narrow range. On the higher side $40.0 turned out as a strong hurdle, so buyers faced difficulty and prices reverted down once again.
Presently, prices are trading near its yearly low and buyers are trying to defend the $30.00 support level.
GMX price has corrected a lot compared to the previous month’s high. Consequently, a narrow range consolidation or a minor pullback is expected. GMX is trading at $32.76 with an intraday rise of 0.61%. The 24-hour volume to market cap is 3.63%.
Will GMX Price Recover in September?
GMX price prediction suggests that GMX looks oversold and so a temporary pullback rally may be triggered anytime. The overall Crypto market is mildly bearish which might negatively impact the prices of GMX and other Altcoins.
As long as GMX price is trading below $40.00, it is expected to remain bearish. A short-term bounce may arrive, but the reliability of the upward move will remain doubtful. However, if the buyers succeed in breaking the $40.00 hurdle, then the short-term trend will turn upward.
The technical analysis suggests that GMX price is in a bearish grip and the possibility of sharp recovery remains low.
GMX Cryptocurrency Price fell for 5 Consecutive Weeks
GMX Cryptocurrency price fell for five consecutive weeks and looks bearish on multiple time frames. Sellers seem to be more active as compared to buyers so investors need to be careful.
The MACD curve slopes sideways indicating that bears are losing the momentum and that the price might consolidate for some time. On the other hand, the RSI at 29 denotes weakness but it is near to the oversold territory so a relief rally may be triggered at any time.
Conclusion
GMX price will remain bearish for as long as it continues to trade below $40.00. However, the prices have corrected a lot from its monthly high so minor consolidation or a short-term bounce is possible.
The analysis suggests that GMX Crypto is in a downtrend and the possibility of regaining $40 in September remains low.
Technical levels
- Resistance levels: $40.00 and $48.00
- Support levels: $30.00 and $28.00
