GMX has the highest TVL on Arbitrum. Its native token might see a price drawdown with buyers’ starting to experience exhaustion. Despite the volatility in the decentralized finance (DeFi) market in 2022, GMX, a decentralized exchange for spot and perpetual trading on Arbitrum and Avalanche, has maintained its position as the project with the highest […]
At press time, GMX, the DEX’s utility, and governance token exchanged hands at $51.20. On a year-to-date basis, its value has increased by 23%, data fromAn assessment of GMX’s performance on a daily chart revealed a steady uptick in the alt’s accumulation. At press time, key momentum indicators were positioned above their respective neutral zones in uptrends. For example, the Relative Strength Index was pegged at 60.60. Likewise, GMX’s Money Flow Index was spotted at 54.55.
Further, a look at the alt’s Directional Movement Index confirmed that buyers had control of the market. The +DMI line was positioned above the -DMI line . Typically, when the +DMI line is above the -DMI line, it suggests that the buyers’ strength exceeded that of the sellers. At the time of writing, the Average Directional Index for GMX, which is used to measure the strength of a trend in the market, was at 20. When an asset’s ADX is above 25, it indicates that the trend is strong, but if it is below 25, it suggests that the trend is weak or nonexistent. Therefore, with the ADX at 20, buyers’ strength might be declining. As a result, a price decrease may be imminent in the GMX market.Subscribe to get it daily in your inbox.
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