Hey Fitpeeps! Let's dive into $GMX's recent price action. Here's what the charts are showing. đđĄ
đ Chart Overview
Current Price: $23.10, down by -0.60% in the last hour.
Volume: 3.305K, reflecting a moderate level of trading activity.
Resistance Levels:
$23.67: This is the immediate resistance that $GMX needs to overcome for any bullish momentum.
$23.75: Another important level. Crossing this would open doors for testing higher price ranges.
Support Levels:
$23.08: $GMX is testing this level, and a break below could lead to further decline.
$22.95: A critical support that provides a cushion to the recent downtrend.
đ Trend Analysis
Price Action: The price experienced a rejection at around $23.67, which led to the current pullback. The bears are showing strong control, causing a recent drop to the $23.08 support zone.
Trading Range: $GMX is currently trading in a channel between $23.08 and $23.67, with selling pressure pushing it towards lower levels.
đ Key Scenarios to Watch
Bullish Scenario: If $GMX holds the support at $23.08 and shows strength to break above $23.67, it could resume an uptrend towards the next resistance at $23.75.
Bearish Scenario: If the price breaks below $23.08, $GMX might find itself falling to the next support at $22.95, risking a deeper decline if selling continues.
đĄ Fitpeepâs Tips
For Bulls: Wait for a breakout above $23.67 for entering long positions, targeting $23.75 or higher.
For Bears: Watch for a break below $23.08 for potential short opportunities, with $22.95 as an initial target.
For Sideways Traders: Use the range between $23.08 and $23.67 for short-term trades, looking for bounces off support and resistance.
đą Fitpeeps, what do you think? Are we heading for a deeper correction, or will $GMX fight back above $23.67? Share your thoughts! đ„đ
đ Stay tuned for more real-time updates from Fitpeep! đŹđ
