- GMX price has formed an inverse head and shoulder pattern on the daily timeframe.
- GMX could make a 49% climb if the price manages a daily candlestick close above $59.64 bullish.
- A break and close below $50.00 would invalidate the bullish thesis.
GMX (GMX) price has been trading within a range for months, forming a series of higher highs and then higher lows, culminating in an inverse head and shoulder pattern. This is a reversal pattern where two higher lows (shoulders) form on either side of a lower peak (head) in price action in the middle.
Also Read: Three sectors that could thrive as 2024 bull market warms up
GMX could make a 50% climb
The target of an inverse head and shoulder pattern is estimated by measuring the distance between the foot of the pattern to the peak of the head. This vertical distance is then superimposed at the breakout point.
If the GMX price manages a break and closes above $59.64, it could activate the governing chart pattern, with the altcoin likely to shoot 49.03% to $89.00. In a highly bullish case, the gains could extend for GMX to reclaim the $91.40 range high, levels last seen on April 18, 2023.
Notice the trajectory of the Relative Strength Index (RSI), suggesting momentum is still rising. The Awesome Oscillator (AO) indicator is also in positive territory with green histogram bars, suggesting a strong presence of the bulls in the GMX market.
GMX/USDT 1-day chart
On the other hand, a rejection from $59.64 could send GMX price south, likely to retest the $50.00 psychological support. A break and close below this level would produce a lower low, making leeway for the bears to recover the market.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Gainers Price Prediction: CRO, ZEC, FLOKI struggle to extend gains after double-digit rise
Layer-1 cryptocurrencies Cronos (CRO) and Zcash (ZEC), alongside the meme coin Floki (FLOKI), recorded a double-digit rise on Tuesday, outpacing the market in 24-hour gains at press time on Wednesday. However, as the crypto gainers reach crucial resistances, momentum wanes, and the struggle to extend gains begins.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC holds ground while ETH and XRP eye further gains
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) present a mixed but optimistic outlook midweek as BTC holds steady while ETH and XRP show signs of renewed bullish momentum. The largest cryptocurrency by market capitalization is stabilizing at a critical support level as traders await a catalyst.
Cronos surges 20% on inclusion in Trump Media's Blue Chip ETF
Crypto.com's native token Cronos (CRO) saw double-digit gains on Tuesday following Trump Media and Technology Group's (DJT) filing with the Securities & Exchange Commission (SEC) to launch a Blue Chip exchange-traded fund (ETF).
Bitcoin volatility drops to third-lowest level since 2012 amid rise in BTC treasury companies
Bitcoin (BTC) trades above $108,000 on Tuesday following a steady decline in its volatility in the first half of the year, marking the third-lowest H1 volatility since 2012. The decline comes despite increased Bitcoin treasury adoption among publicly traded companies, with NYSE-listed Sequans Communications (SQNS) raising $384 million to fund its Bitcoin treasury.
Bitcoin: BTC ends Q2 with 30% gains, Standard Chartered eyes $200K by year-end
Bitcoin (BTC) closed a strong second quarter (Q2), recording nearly 30% in quarterly gains amid rising corporate and institutional demand and bullish market sentiment.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.