This article will analyze the GMX coin according to coinmarketcap data. First, we will discuss the GMX coin and its projects and make a technical and graphic analysis. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is GMX Coin?
GMX coin is a cryptocurrency created by the Global Digital Asset Exchange (GDAX), a subsidiary of Coinbase. The GMX coin is an ERC-20 token built on the Ethereum blockchain. The coin is a utility token within the GMX ecosystem designed to facilitate transactions on the GMX platform.
What are the projects of GMX?
The main projects of GMX coin are focused on creating a decentralized exchange (DEX) that will allow users to trade cryptocurrencies without relying on centralized exchanges. GMX is also developing a suite of decentralized finance (DeFi) products, including a yield farming platform, a lending platform, and a stablecoin.
Factors Influencing GMX Price
The price of GMX coins is influenced by several factors, including market demand, trading volume, competition from other cryptocurrencies, and regulatory developments. The overall health of the cryptocurrency market and global economic conditions can also impact the price of GMX coins. Additionally, investor sentiment and the level of adoption of the GMX platform can also affect the cost of the token.
GMX COIN TECHNICAL ANALYSIS
GMX, one of the newest coins, started trading in October, and technical indicators that will create a long-term image still need to be fully formed. However, GMX saw the lowest level of $ 25.20, and the highest was $ 88.71. It is currently trading at $74.17. According to coinmarketcap data, GMX, which has a size of $639,208,588, has had a volume of $35,092,535 in the last twenty-four hours.
GMX Chart Analysis
Looking at the chart of the GMX coin, which has only been trading for a few months, it is difficult to predict a long-term direction. When the chart is analyzed weekly, we see that GMX moves within an ascending channel. As it moves within the channel, its upward targets are $88.71 and higher. If the track breaks down, there is support at $55.45.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.