GMX crypto price outlook after team explains $40m hack
GMX Token Exploit: The GMX crypto token fell nearly 40% after a hack on July 9, where approximately $40 million was drained from the GLP pool on Arbitrum, leading to the suspension of trading and minting of new tokens.
Market Impact and Analysis: Following the exploit, GMX's price dropped to its lowest since April, with bearish momentum suggesting further declines could occur if it breaks below key support levels.
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Technical Analysis for GMX
Technical Sentiment Analysis for GMX (GMX) As of , GMX (GMX) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for GMX stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, GMX is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
GMX (GMX) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 3.451 | 4.361 | 5.281 | 6.191 | 7.111 | 8.021 | 8.941 |
| Fibonacci | 4.361 | 5.06 | 5.492 | 6.191 | 6.89 | 7.322 | 8.021 |
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