GMX is currently trading at ₹6,000 holding its trendline support. Since the last 2 months, it has maintained a consolidation range between ₹5,200 to ₹7,000.
Trade GMX
Following reasons are building a positive momentum for GMX to see a potential rally in coming weeks:
- GMX V2 is expected to be rolled out soon with revamped fee structure
- Total Value Locked (TVL) is at an all time high $692Mn, up by 15% since April 2023
- Earnings have increased by 210% in the last 7 days, indicating growing business revenue.
- Recently, GMX passed a proposal to integrate Chainlink (LINK) oracles, giving access to real-time market data for crypto assets and offering ultra-low latency price updates to traders.
Trade GMX
A potential price reversal following the upward slope support at ₹5,900 could help for a potential 20% upside above ₹7,000.
Note: This is not an investment advice and we highly recommend that you do your own research
