Here’s why GMX might rally by another 50% soon

January 4, 2024

By Dipayan Mitra

• Thanks to the price uptick, bullish sentiment around GMX was dominant. 

• A few market indicators turned bearish, suggesting a price correction. 

GMX investors began 2024 on a good note, as the token’s price has rallied substantially in the recent past. While the token’s price gained bullish momentum, an interesting pattern formed on its chart, which suggested a further hike in its price in the days to come.

GMX investors are enjoying profits

The token’s price gained bullish momentum as we entered 2024.

According to CoinMarketCap’s data, GMX was up by more than 35% in the last seven days. In fact, in the last 24 hours alone, the token’s price surged by more than 7%.

At the time of writing, GMX was trading at $63.18 with a market capitalization of over $589 million.

Since the token’s price increased substantially, AMBCrypto took a look at its social metrics. Our analysis of Santiment’s data revealed that its social volume remained high last week.

Additionally, bullish sentiment around GMX was dominant in the market, as evident from its high weighted sentiment.

Source: Santiment

While that happened, a bullish pattern formed on the token’s chart. Ali, a popular crypto analyst, recently revealed in a tweet that a bullish head and shoulder pattern formed on GMX’s chart.

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