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GMX is a DEX that supports spot and perpetual futures on an on-chain interface.
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The token was acquired after news that it was listed on Binance on Wednesday.
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GMX faces further amendments
GMX is called a decentralized exchange that supports spot and perpetual futures via an on-chain trading interface. Avalanche and Arbitrum enhance DEX. GMX supports zero price impact trading with very low swap fees.
A key feature of GMX is that users can borrow up to 30 times their initial margin. Its native token, GMX, provides utility to the ecosystem and facilitates governance.
GMX Token rose nearly 40% before sliding following the latest news. On October 5th, Binance announced the listing of his GMX token. Binance said it will start trading the GMX pair on BTC, BUSD, and USDT. Trading started on 2022-10-05 10:00 (UTC). The crypto exchange said GMX withdrawals will begin on October 6, 2022 at 10:00 (UTC).
GMX corrects after double-digit gains
Source – TradingView
Technically, GMX rose above the $56 resistance as social interest in the token increased on Wednesday. The token has since fallen and is trading below the resistance zone.
The recent rally has pushed the token above the upper limit of the Bollinger Bands. This meant that a fix was likely to come. The token support is at $38, matching the lower end of the Bollinger Bands.
Should I buy a GMX?
According to this analysis, GMX may still face a correction after failing to hold the $56 resistance. In our assessment, the token may have been driven by the retail craze. This is underscored by LunarCrush data showing that he had GMX in second place in terms of social interest on Wednesday.
Of course, a listing on a major exchange like Binance would be a huge boost for GMX. However, prices could take a hit as retailer interest cools.
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