The decentralized exchange token GMX has seen its price increase 8.55% over the last 24 hours to $56.53, according to CoinMarketcap. This latest price surge comes on the heels of a prolonged period of accumulation since the token was first listed on the major cryptocurrency exchange Binance.
What you'll learn 👉
Bullish Sentiment Building
As noted by the crypto trader JJcycles, many investors had given up on GMX during its period of lackluster price action. However, those who continued to purchase the token in anticipation of a breakout now stand poised to benefit. JJcycles predicts a “huge rally is about to kick off” as GMX appears ready to exit its multi-month accumulation pattern.
Fundamentals and Technicals Align
The technical analysis account Universe of Crypto echoed a similarly optimistic perspective on GMX. They pointed to GMX trying to clear a long-term descending trendline and noted that a successful breakout and retest of this level could spur the token to new all-time highs.
Yet another analyst, PROPHETHODLER, highlighted the 17.45% increase in total value locked on GMX’s Arbitrum-based decentralized exchange protocol over the past month. This growth, along with rising protocol fees, adds credibility to the bullish chart setup noted by others. PROPHETHODLER stated optimistically, “Chart setup almost too good to be true.”
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Show more +With multiple industry experts identifying the potential for a GMX breakout across both fundamental and technical metrics, traders old and new seem to be taking notice. Time will tell whether this renewed enthusiasm can translate to a sustained uptrend for the embattled token.
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