GMX is Trading -14.61% Below Our Price Prediction for Feb 25, 2023

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.

• GMX is down -3.31% today against the US Dollar
• GMX/BTC decreased by -2.25% today
• GMX/ETH decreased by -2.92% today
• GMX is currently trading 14.61% below our prediction on Feb 25, 2023
• GMX gained 56.77% in the last month and is up 147.75% since 1 year ago

GMX price is expected to rise by 17.10% in the next 5 days according to our GMX price prediction

GMX price today is trading at $ 77.75 after losing -3.31% in the last 24 hours. The coin underperformed the cryptocurrency market, as the total crypto market cap decreased by -2.99% in the same time period. GMX performed poorly against BTC today and recorded a -2.25% loss against the world’s largest cryptocurrency.

According to our GMX price prediction, GMX is expected to reach a price of $ 91.05 by Feb 25, 2023. This would represent a 17.10% price increase for GMX in the next 5 days.

GMX Price Prediction Chart

Buy/Sell GMX

What has been going on with GMX in the last 30 days

GMX has been displaying a positive trend recently, as the coin gained 56.77% in the last 30-days. The medium-term trend for GMX has been bullish, with GMX increasing by 87.34% in the last 3 months. The long-term picture for GMX has been positive, as GMX is currently displaying a 147.75% 1-year price change. On this day last year, GMX was trading at $ 31.38.

GMX reached its all-time high price on Feb 18, 2023, when the price of GMX peaked at $ 84.78. The current GMX cycle high is $ 77.75, while the cycle low is at $ 77.60. GMX has been displaying high volatility recently – the 1-month volatility of the coin is at 15.86. GMX recorded 17 green days in the last 30 days.

GMX technical analysis for today - Feb 20, 2023

The sentiment in the GMX markets is currently Neutral, and the Fear & Greed index is reading Greed. The most important support levels to watch are $ 76.28, $ 74.95 and $ 72.30, while $ 80.25, $ 82.90 and $ 84.23 are the key resistance levels.

Neutral sentiment for GMX

18 indicators are currently signaling a bullish prediction for GMX, while 9 indicators are showing a bearish forecast. With 67% of indicators favoring a positive prediction. This results in an overall Neutral sentiment for GMX.

Crypto market is currently experiencing Greed

Currently, the Fear & Greed index is at 60 (Greed), which signals that investors have a positive outlook on the market. The Fear & Greed index is a measure of sentiment among cryptocurrency investors. A “Greed” reading suggests that investors are currently optimistic about the cryptocurrency market, but can also be an indication that the market is overvalued. A “Fear” reading, on the other hand, signals that investors are currently hesitant about the cryptocurrency market, which potentially represents a buying opportunity.

GMX moving averages & oscillators

Let’s take a look at what some of the most important technical indicators are signaling. We’ll be going through key moving averages and oscillators that will allow us to get a better idea of how GMX is positioned in the market right now.

The Relative Strength Index (RSI 14) is a widely used indicator that helps inform investors whether an asset is currently overbought or oversold. The RSI 14 for GMX is at 64.42, suggesting that GMX is currently neutral.

The 50-day Simple Moving Average (SMA 50) takes into account the closing price of GMX over the last 50 days. Currently, GMX is trading below the SMA 50 trendline, which is a bearish signal.

Meanwhile, the 200-day Simple Moving Average (SMA 200) is a long-term trendline that’s calculated by taking an average of the GMX closing price for the last 200 days. GMX is now trading below the SMA 200, signaling that the market is currently bearish.

The bottom line about this GMX prediction

After considering the above factors, we can conclude that the current forecast for GMX price prediction is Neutral. GMX would have to increase by 17.10% to hit our $ 91.05 target within the next five days. Moving forward, it will be important to monitor the GMX market sentiment, the key support and resistance levels, and other metrics. However, we have to keep in mind that the cryptocurrency markets are unpredictable, and even the largest crypto assets display a lot of price volatility. For long-term GMX price predictions click here.

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.

by coincodex