
GMX token price more than doubled
DEX Witnessed Increased Activity in November
GMX Exits Consolidation, Buys on Retracements
GMX token The price of (GMX/USD) has doubled. The cryptocurrency, which traded at just $25 on Nov. 10, hit a high of $59 on Dec. 2. This gain came amid an influx of investors after the FTX collapse. At the time of writing, GMX was trading at $56.
of Collapse of the FTX Exchange Demand for decentralized exchanges or DEXs is growing. Among the popular DEXs were GMX and Uniswap. Increased investor interest across both platforms has accelerated returns for native tokens. Still, on Nov. 28, his daily trading fees for GMX were his $1.15 million. Fees surpassed Uniswap’s revenue for the first time ever. This underscores that investors see his lesser-known DEX as a serious competitor to Uniswap.
Market analyst Zen commented on GMX’s recent performance compared to Uniswap. Market analysts attribute GMX’s performance to investors receiving favorable trading fees of around 30%. Uniswap users do not get shares from the protocol’s trading fees. Zen says GMX is a buy and hold in a bear market. He also credits the platform to being his second highest after Uniswap.
GMX’s technical outlook as prices aim for the stars
Technically, GMX has broken above the $49 resistance. The cryptocurrency is also trading in the ascending channel, but it is now disabled as the price occurred in the upper band.
An RSI reading of 70 indicates that GMX is entering an overbought level. Cryptocurrencies are also facing a bit of resistance and a correction is likely before the next bull market.
When to buy a GMX?
A breakout with decisive resistance and strong fundamentals supports buying GMX. However, due to price action and indicators, GMX is subject to correction.
A potential price retracement towards $49 is imminent. Investors should take advantage of the correction and buy cheaper.