- Bullish GMX price prediction for 2023 is $76.79 to $89.22.
- The GMX price will also reach $100 soon.
- GMX bearish market price prediction for 2023 is $53.24.
In GMX’s (GMX) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and much other information about GMX to analyze the future movement of the cryptocurrency.
GMX Current Market Status
| Current Price | $67.94 |
| 24 – Hour Trading Volume | $39,775,673 |
| 24 – Hour Price Change | 5.1% Down |
| Circulating Supply | 8,532,030 |
| All – Time High | $83.30 (On February 16, 2023 ) |
What is GMX (GMX)?
The GMX token serves as both a utility and a governance token. Holders of tokens can use it to cast votes on proposals to influence the exchange’s future course. Three additional prizes that the protocol utilizes to reward users are also given to token holders who bet their GMX.
GMX (GMX) Price Prediction 2023
GMX holds the 78th position on CoinGecko right now. GMX price prediction 2023 is explained below with a daily time frame.
The above chart GMX laid out a descending channel pattern. Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. but only after an upside penetration of the upper trend line. A descending channel is drawn by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend.
Within a descending channel, a trader could make a selling bet when the security price reaches its resistance trendline. An ascending channel is the opposite of a descending channel. Both ascending and descending channels are primary channels followed by technical analysts.
Currently, GMXis in the range of $70.53. If the pattern continues, the price of GMX might reach the resistance level of $78.06 & $86.56. If the trend reverses, then the price of GMX may fall to $64.27.
GMX (GMX) Support and Resistance Level
The below chart shows the support and resistance level of GMX.
From the above daily time frame, it is clear the following are the resistance and support levels of GMX.
| Resistance Level 1 | $76.79 |
| Resistance Level 2 | $89.22 |
| Support Level 1 | $63.24 |
| Support Level 2 | $53.24 |
The charts show that GMXhas performed a bullish trend over the past month. If this trend continues, GMX might run along with the bulls overtaking its resistance level at $89.22.
Accordingly, if the investors turn against the crypto, the price of the GMX might plummet to almost $53.24, a bearish signal.
GMX Price Prediction 2023 — RVOL, MA, and RSI
The Relative Volume (RVOL) of GMX is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, the RVOL of GMX lies below the cutoff line, indicating weaker participants in the current trend.
More so, the GMX’s Moving Average (MA) is shown in the chart above. Currently, GMX is in a bearish state. Notably, the GMX price slightly lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of GMX at any time.
Meanwhile, the relative strength index (RSI) of the GMX is at level 51.81. This means that GMX is in overbought state. However, this means a major price reversal of GMX may occur in the upcoming days. So, traders need to trade carefully.
GMX Price Prediction 2023 — ADX, RVI
Let us now look at GMX’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of GMXs. Currently, GMXlies in the range of 22.80, so it indicates a below trend.
From the above chart, the Relative Volatility Index (RVI) of GMX. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of GMX lies above the 50 levels, indicating that the direction of volatility is high. In fact, GMX’s RSI is at 51.81 level thus confirming a potential sell signal.
Comparison of GMX with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum, and GMX.
From the above chart, we can interpret the price changes of ETH, BTC and GMX as moving in a similar trend. This indicates that when the price of ETH and BTC increases or decreases, the price of GMX also increases or decreases respectively.
GMX (GMX) Price Prediction 2024-2030
Numerous factors are taken into account when forecasting prices including volume changes, price variations, market cycles, and similar coins. Let’s predict the price of GMX (GMX) between 2024 and 2030.
GMX (GMX) Price Prediction 2024
If the declining price action completely slows down in momentum and the trend reverses, GMX (GMX) might probably attain $130 by 2024.
GMX (GMX) Price Prediction 2025
With several upgrades in the network, GMX (GMX) might enter a bullish trajectory. If the coin grabs the attention of major investors, GMX might rally to hit $140 by 2025.
GMX (GMX) Price Prediction 2026
If GMX (GMX) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 3 years, GMX would rally to hit $150.
GMX (GMX) Price Prediction 2027
If GMX (GMX) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 4 years, GMX would rally to hit $160.
GMX (GMX) Price Prediction 2028
If GMX (GMX) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 5 years, GMX would rally to hit $170.
GMX (GMX) Price Prediction 2029
If GMX (GMX) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, GMX would hit $180 in 2029.
GMX (GMX) Price Prediction 2030
If investors flock in and continue to place their bets on GMX (GMX), it would witness major spikes. GMX might hit $200 by 2030.
Conclusion
With continuous improvements in the GMX network, we can say that 2023 is a good year for GMX. For this reason, the bullish price prediction of GMX in 2023 is $89.22. On the other hand, the bearish GMX price prediction for 2023 is $53.24.
Furthermore, with the advancements and upgrades on the GMX ecosystem, the performance of GMX would help to reach above its current all-time high (ATH) $85.07 very soon. But, it might also reach $100 if the investors believe that GMX is a good investment in 2023.
FAQ
1. What is GMX?
GMX is a decentralized storage platform that seeks to provide a platform for the indefinite storage of information.
2. Where can you purchase GMX?
GMXhas listed on many crypto exchanges which include Binance, BTCEX, CoinW, OKX, and Deepcoin.
3. Will GMX reach a new ATH soon?
With the ongoing developments and upgrades within the GMX platform, it has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of GMX?
On Feb 16, 2023, GMX reached its new all-time high (ATH) of $85.07.
5. Is GMX a good investment in 2023?
GMX (GMX) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of GMX in the past few months, GMX is considered a good investment in 2023.
6. Can GMX (GMX) reach $100?
GMX (GMX) is one of the active cryptos that continues to maintain its Bullish state. Eventually, if this bullish trend continues then GMX (GMX) will hit $100 soon.
7. What will be the GMX price by 2024?
GMX (GMX) price is expected to reach $130 by 2024.
8. What will be the GMX price by 2025?
GMX (GMX) price is expected to reach $140 by 2025.
9. What will be the GMX price by 2026?
GMX (GMX) price is expected to reach $150 by 2026.
10. What will be the GMX price by 2027?
GMX (GMX) price is expected to reach $160 by 2027.
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Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
