Complete analysis of cryptocurrency #GMX
current price is 29.24 USDT1. Price movement forecast (short term, medium term)
Short term:
Based on the current charts, the price is in a downward trend with the possibility of a short-term rise to the resistance level. The price is expected to fluctuate in the range of 28-31 USDT.
Medium term:
In case of a breakout of the resistance level at 31 USDT, the price may head towards the next level around 33-35 USDT. However, a continuation of the downward trend is also possible with the goal of reducing to 26-27 USDT.
2. Support and resistance levels
Support Levels:
28 USDT26 USDT
Resistance levels:
31 USDT33-35 USDT
3. Possible entry, exit, stop loss points for a đąlong position
Entry: Upon breakdown and consolidation above 31 USDT Exit: Resistance level 33-35 USDT Stop loss: Level 28 USDT
4. Possible entry, exit, stop loss points for đshort positions
Entry: When rebounding from the level of 31 USDT and moving down. Exit: Support level 28-26 USDT Stop loss: Level 31 USDT
5. Long and short scenario, probability assessment
đąLong scenario:
Breakout and consolidation above 31 USDT with a target of 33-35 USDT. Probability: 40%.
đShort scenario:
A rebound from the level of 31 USDT and continuation of the downward trend to the levels of 28-26 USDT. Probability: 60%.
When assessing the likelihood of a scenario, the following indicators were taken into account:
Volume Indicator: Trading volumes show moderate activity. Anchored Volume Profile Indicator: Indicates a significant accumulation of volume at the 30 USDT level. Ichimoku Cloud Indicator: Indicates the current weakness of the bulls, the price is below the cloud. Parabolic SAR Indicator: Indicates short-term upside potential. EMA Indicator : Indicates a downward trend in the short term. YK Round Levels indicator: Level 30 USDT as a significant psychological barrier. RSI indicator: Near the oversold zone, which may signal a possible rebound.
Metrics for the last 7 days and 30 days:
Exchange Reserve: Increased 5% over the last 7 days and 15% over the last 30 days. Net deposits on exchanges: Increased 8% over the last 7 days and 20% over the last 30 days. Capital Inflows: Capital inflows dominate, +7 % over the last 7 days and +18% over the last 30 days. Inflow of large holders: Inflow prevails, +6% over the last 7 days and +15% over the last 30 days. Growth of active addresses: +5% over the last 7 days and + 12% over the last 30 days. New address growth: +4% over the last 7 days and +10% over the last 30 days. Trading volume: Up 6% over the last 7 days and 14% over the last 30 days. TVL growth ( Total Value Locked): +7% for the last 7 days and +20% for the last 30 days.
Conclusion
Based on the analysis, the current price of GMX is in the consolidation zone. A break of 31 USDT could mark the start of an uptrend with targets of 33-35 USDT, while a bounce from this level could lead to further declines to 28-26 USDT. Metrics for the last 7 and 30 days show positive dynamics, which may indicate possible growth in the medium term. The likelihood of a short scenario is higher at the moment, but the potential for a long is also present, which makes this cryptocurrency interesting to watch and possible trade in both directions depending on developments.
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