#GMX Showing Signs Of Bullish Breakout | Watch These Levels

18 Okt

Yello Paradisers! Is #GMX gearing up for a major breakout, or will we see a downward spiral? Let's dive into the latest #GMXUSDT analysis to uncover what's brewing:

💎#GMX is showing strong signals of a potential bullish breakout from the descending trendline, following several failed attempts. The recent price action showed a loss of momentum after facing a sharp rejection at the key $29.09 resistance.

💎The price is heading towards a potential retest of the support zone around $19.6-$20.9. This zone is crucial as #GMX attempts to gather fresh momentum. If GMX manages to bounce off this demand area and break through the $29.09 resistance once more, we could witness a strong upward push, re-establishing a bullish structure. This would significantly increase the likelihood of #GMXUSD surging past the current resistance levels.

💎However, if the price fails to maintain above the $19.6-$20.9 support zone and breaks below, it could trigger a downward movement towards the $17.2 demand zone. This area is relatively fresh and may attract buyers, potentially leading to a sharp rebound if respected.

💎If GMX slips below the $17.2 level without showing any signs of strength, it would signal a bearish shift, opening the door for an even deeper correction. You should be cautious, as failing to hold this level could accelerate the sell-off.

Remember, Paradisers, trade smart, and avoid emotional decisions.

MyCryptoParadise
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💎#GMXUSDT has been following our analysis delivering a solid 46.96% gain so far, and it’s looking strong!