GMX USD Cryptocurrency Forecast
On Saturday, GMX USD cryptocurrency price gained an impressive 9.62%
(Updated on May 25, 2024)
The GMX USD cryptocurrency price gained 9.62% on the last trading day (Saturday, 25th May 2024), rising from $29.32 to $32.14. During the last trading day the cryptocurrency fluctuated 5.48% from a day low at $32.11 to a day high of $33.87. The price has fallen in 4 of the last 10 days but is still up by 17.51% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 16 million more shares were traded than the day before. In total, 16 million shares were bought and sold for approximately $509.43 million.
The cryptocurrency lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $32.14 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the cryptocurrency is expected to fall -52.04% during the next 3 months and, with a 90% probability hold a price between $7.54 and $15.42 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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GMXUSD Signals & Forecast
The GMX USD cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $30.74 and $27.98. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 29.96%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for GMX USD cryptocurrency
On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $28.61 and $28.13. There is a natural risk involved when a cryptocurrency is testing a support level, since if this is broken, the cryptocurrency then may fall to the next support level. In this case, GMX USD finds support just below today's level at $28.61. If this is broken, then the next support from accumulated volume will be at $28.13 and $27.35.
This cryptocurrency may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this cryptocurrency is considered to be "high risk". During the last day, the cryptocurrency moved $1.76 between high and low, or 5.48%. For the last week, the cryptocurrency has had daily average volatility of 5.52%.
Our recommended stop-loss: $30.92 (-3.80%) (This cryptocurrency has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 72 days ago.)
Trading Expectations (GMXUSD) For The Upcoming Trading Day Of Sunday 26th
For the upcoming trading day on Sunday, 26th we expect GMX USD to open at $32.71, and during the day (based on 14 day Average True Range), to move between $29.52 and $34.76, which gives a possible trading interval of +/-$2.62 (+/-8.14%) up or down from last closing price. If GMX USD takes out the full calculated possible swing range there will be an estimated 16.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $33.07 (2.89%) than the support at $28.61 (10.98%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is GMX USD cryptocurrency A Buy?
GMX USD holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for GMX USD of Sunday, May 26, 2024
| Fair opening price May 26, 2024 | Current price |
|---|---|
| $32.71 ( 1.76%) | $32.14 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GMXUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 34.47 | 7.24 % | |
| R2 | 33.79 | 5.15 % | ||
| R1 | 33.38 | 3.85 % | ||
| Current price: | 32.14 | |||
| Support | S1 | 32.03 | -0.329 % | |
| S2 | 31.62 | -1.62 % | ||
| S3 | 30.95 | -3.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 38.39 | 19.45 % | |
| R2 | 36.01 | 12.04 % | ||
| R1 | 33.07 | 2.89 % | ||
| Current price | 32.14 | |||
| Support | S1 | 28.61 | -10.98% | |
| S2 | 28.13 | -12.48% | ||
| S3 | 27.35 | -14.90% |
FAQ
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