GMX Price Prediction 2022 — Will GMX Hit $60 Soon?
Bullish GMX price prediction is $63.31 to $73.45.
The GMX price will also reach $60 soon.
AR’s bearish market price prediction for 2022 is $40.13.
In GMX’s (GMX) price prediction 2022, 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
According to CoinGecko, the price of GMXis $57.78 with a 24-hour trading volume of $34,503,284 at the time of writing. However, GMX has decreased nearly 0.75% in the last 24 hours. Moreover, GMXhas a circulating supply of 7,990,696 GMX. Currently, GMXtrades in cryptocurrency exchanges such as Binance, BTCEX, Bitget, Bitrue, and BingX.
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 2022
GMX holds the 78th position on CoinGecko right now. GMX price prediction 2022 is explained below with a daily time frame.
GMX/USDT Horizontal Channel Pattern (Source: Tradingview)
A horizontal channel or sideways trend has the appearance of a rectangle pattern. It consists of at least four contact points. This is because it needs at least two lows to connect, as well as two highs. Buying and selling pressure is equal, and the prevailing direction of price action is sideways. Horizontal channels provide a clear and systematic way to trade by providing buy and sell points. When the price hits the top of the channel, sell your existing long position or take a short position. The difference between the other two is that a horizontal channel is characterized as having equal highs and lows.
Currently, GMXis in the range of $57.78. If the pattern continues, the price of GMX might reach the resistance level of $53.91 & $71.38. If the trend reverses, then the price of GMX may fall to $49.18, & $40.88.
GMX (GMX) Support and Resistance Level
The below chart shows the support and resistance level of GMX.
GMX/USDT Support and Resistance Level (Source: TradingView)
From the above daily time frame, it is clear the following are the resistance and support levels of GMX.
Resistance Level 1 – $63.31
Resistance Level 2 – $73.45
Support Level 1 – $53.10
Support Level 2 – $47.08
Support Level 3 – $40.13
The charts show that GMXhas performed a bullish trend over the past month. If this trend continues, GMXmight run along with the bulls overtaking its resistance level at $73.45.
Accordingly, if the investors turn against the crypto, the price of the GMX might plummet to almost $40.13, a bearish signal.
GMX Price Prediction 2022 — 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 above the cutoff line, indicating stronger participants in the current trend.
GMX/USDT RVOL, MA, RSI (Source: TradingView)
More so, the GMX’s Moving Average (MA) is shown in the chart above. Currently, GMX is in a bullish state. Notably, the GMX price slightly lies above 50 MA (short-term), so it is completely in an upward 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 56.95. This means that GMX is neither in an oversold or 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 2022 — 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.
GMX/USDT ADX, RVI (Source: TradingView)
The above chart represents the ADX of GMXs. Currently, GMXlies in the range of 44.57, so it indicates a strong 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 56.95 level thus confirming a potential buy signal.
Comparison of GMX with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum, and GMX.
BTC Vs ETH Vs GMX Price Comparison (Source: TradingView)
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 2023
If the declining price action completely slows down in momentum and the trend reverses, GMX (GMX) might probably attain $65 by 2023.
GMX (GMX) Price Prediction 2024
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 $70 by 2024.
GMX (GMX) Price Prediction 2025
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 $78.
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 4 years, GMX would rally to hit $85.
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 5 years, GMX would rally to hit $90.
GMX (GMX) Price Prediction 2028
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 $95 in 2028.
GMX (GMX) Price Prediction 2029
If investors flock in and continue to place their bets on GMX (GMX), it would witness major spikes. GMX might hit $100 by 2029.
GMX (GMX) Price Prediction 2030
With greater advancements in the GMX ecosystem, the crypto community might continue to invest in GMX for the next 8 years and drive significant price rallies for the token. Hence, GMX (GMX) might hit $109 by 2030.
Conclusion
With continuous improvements in the GMX network, we can say that 2022 is a good year for GMX. For this reason, the bullish price prediction of GMX in 2022 is $73.45. On the other hand, the bearish GMX price prediction for 2022 is $40.13.
Furthermore, with the advancements and upgrades on the GMXecosystem, the performance of GMX would help to reach above its current all-time high (ATH) $62.10 very soon. But, it might also reach $60 if the investors believe that GMX is a good investment in 2022.
FAQ
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.
GMXhas listed on many crypto exchanges which include Binance, BCEX, CoinW, Bybit, and Bitget.
With the ongoing developments and upgrades within the GMXplatform, it has a high possibility of reaching its ATH soon.
On January 16, 2022, GMX reached its new all-time high (ATH) of $62.10.
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 2022.
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 $60 soon.
GMX (GMX) price is expected to reach $65 by 2023.
GMX (GMX) price is expected to reach $70 by 2024.
GMX (GMX) price is expected to reach $78 by 2025.
GMX (GMX) price is expected to reach $85 by 2026.
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.
Filed under: Bitcoin - @ December 12, 2022 7:55 pm