GMX Soars 20% Amid Crypto Whale Frenzy, Is It Back In ‘Turbo Mode’?
06 Junio 2024 - 5:00PM
NEWSBTC
GMX, the native token of decentralized perpetual exchange GMX, has
soared over 20% in the past 24 hours. The surge was seemingly
fueled by a crypto whale move that ignited the community’s positive
sentiment towards the token. Some analysts believe GMX might be
preparing for a breakout above the $60 mark. Related Reading: AVAX
Primed To Break $100 Barrier As Bullish Signs Emerge Whales Send
GMX To New Wallets In the early hours of Thursday, a whale withdrew
over 85,000 GMX tokens from crypto exchange Binance. Per the
reports, the whale sent the funds to a fresh wallet, boosting the
price surge. The whale withdrew 84,515 GMX, worth around $3.77
million, in five transactions for an average price of $43.07. This
move propelled the price from $40 to $44 in the following hours.
Moreover, the price jump resulted in over half a million in
unrealized profit for the crypto investor. Similarly, reports of
another whale withdrawing GMX from Binance surfaced this morning.
According to the post, 72,300 GMX tokens were sent to a wallet from
Binance. The wallet now holds 82,768 GMX, worth $3.69 million. The
token’s surge appears to have begun before the whale activity.
GMX’s price jumped from the $36 price range to the $42 mark on
Wednesday, which fueled the positive sentiment of the crypto
community. In the past 24 hours, GMX rose 22.2%, trading above $44
now. The recent performance represents a 26% and 76.3% price
increase in the weekly and monthly timeframes. Moreover, it has
registered a surge in its market activity, registering a 121% daily
trading volume increase in the last day. Crypto Analysts Bullish On
GMX The token’s performance didn’t go unnoticed by crypto analysts.
The market watchers expressed their bullish sentiment towards GMX
and set a short-term target. According to Daan Crypto, GMX appears
to be running back to “turbo mode.” The token is currently up 2x
from its bottom registered in April of this year. Moreover, GMX is
“trading back above the daily 200MA/EMA.” To the analyst, the $41
support zone will be a key level to hold going forward. He also
considers the $60 price range a good target for the token’s bullish
momentum. Crypto trader and analyst JJcycles also weighed in on
GMX’s performance. The trader highlighted a bullish flag pattern on
the token’s chart. Per the analyst, GMX is “nicely reversing into
the beginning of the third wave.” JJcycles also pointed out the
token successfully broke out of the $40 resistance level in the
following hours. To the trader, it looks like GMX printed the
bottom in April when it went as low as $22. Additionally, he called
out those who capitulated within the bottom accumulation range,
including Arthur Hayes. “Just like it is supposed to be,
capitulators are in pain,” wrote the analyst. Related Reading: Fake
Crypto Airdrop: Tether’s CEO Warns Of Ongoing Supply Chain Email
Exploit As reported by NewsBTC, the BitMEX founder was the largest
individual holder of GMX, with over 230,000 GMX tokens. In April,
Hayes seemingly “accepted capitulation” after sending all his GMX
holdings to an address linked to crypto algorithmic trading firm
Wintermute Trading. At the time, GMX investors criticized the
transaction, suggesting that the altcoin was “in that buy zone
again.” Featured Image from Unsplash.com, Chart from
TradingView.com
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