- Recent price studies show that the decline in GMX prices has been constant.
- To stop the downward trend, bulls need to hold the $55.44 barrier.
- On the downside, bears were successful in pushing prices down to $50.70, a drop of 8.17% from their peak.
Shortly after testing the $55.44 resistance level, the GMX market’s upward momentum stalled. Bears pushed GMX prices down to $50.70, a 8.17% drop, as the market slumped and sold off throughout the day.
Supporting this slump and suggesting that more investors are selling their shares, the market capitalization dropped by 6.73% to $408,190,961 and the 24-hour trading volume rose by 6.14% to $17,276,242.
Upper and lower Bollinger Bands (at 56.07 and 50.54, respectively) point south and converge, suggesting that bearish pressure is growing. As the price moves downward, supporting the negative trend, additional bearishness is expected.
The stochastic RSI, which has a value of 7.73 and is moving in the oversold area, gives traders some hope that this bear run may be coming to an end, but this is merely a warning and not a prerequisite for a price reversal.
Expectations for a turnaround are diminished when the moving average convergence divergence (MACD) falls below the signal line at 0.28. This bearish trend is expected to persist, as evidenced by the MACD line’s descent towards the negative region and the histogram’s current trajectory.
Both the Bull Bear Power (BBP) and the Rate of Change (ROC) point downhill, with readings of -2.62 and -4.80, respectively, hinting that the current downturn will prolong unless bulls bury the trend.
So long as bulls can keep the resistance level in place, the GMX market’s positive figure is projected to grow.
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