Resistance

Chainlink

Coin

<ul class="list-ic vertical">
 <li><span>1</span> <a>The multi-asset pool on GMX consists of 50-55% stablecoins, 25% ETH, and 20% BTC.</a></li>
 <li><span>2</span> <a>Decentralized exchanges gained mainstream exposure in 2020 during the ‘Summer of DeFi’.</a></li>
 <li><span>3</span> <a>GMX coin is trading in a slight uptrend.</a></li>
</ul>
<p>The GMX Protocol is a decentralized perpetual trading platform built on Arbitrum. The vast majority of trading in the crypto ecosystem is conducted through centralized cryptocurrency exchanges.</p>
<p>The advent of DeFi (decentralized finance) and decentralized exchanges changed this scenario. DeFi and decentralized exchanges gained mainstream exposure in 2020 during what many call the “Summer of DeFi”. This enabled users to maintain custody of their funds.</p>
<p>However, these exchanges have faced numerous issues, such as low liquidity and poor user experience. This is where GMX comes into the picture, aiming to address these issues through a unique multi-asset liquidity model and an interesting take on the traditional AMM model.</p>
<p>The multi-asset pool on GMX consists of 50-55% stablecoins, 25% ETH, 20% BTC, and around 5-10% other altcoins, such as Chainlink and UniSwap. Liquidity providers add liquidity when they mint GMX Liquidity Provider Tokens (GLP).</p>
<p>In exchange, they receive 70% of fees generated on the blockchain. Unlike other liquidity pools, GLP does not suffer from impermanent loss.</p>
<p>Another feature of GMX is its use of price oracles such as Chainlink to empower trades and act as a hedge against any liquidation risk. Using Chainlink Oracles allows the protocol to get accurate price data for assets in the pool. It enables it to pinpoint when liquidations can occur and protect user positions.&nbsp;</p>
<p>Any user can supply liquidity and earn fees in return. Users can also trade perpetual swaps and spots using the assets provided. Additionally, the GLP pool also acts as a counterpart for traders because the GLP token holders provide liquidity used for leverage trading.</p>
<h2 class="wp-block-heading" id="strong-technical-analysis-and-prediction-of-gmx-coin-price-strong"><strong>Technical Analysis and Prediction of GMX Coin Price&nbsp;</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img loading="lazy" decoding="async" width="1600" height="763" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-214.png" alt="GMX Coin Analysis: The Bulls are Preparing for a Comeback" class="wp-image-183516" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-214.png 1600w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-214-300x143.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-214-1024x488.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-214-768x366.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-214-1536x732.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-214-750x358.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-214-1140x544.png 1140w" sizes="(max-width: 1600px) 100vw, 1600px">
  <figcaption class="wp-element-caption">
   GMX/USDT chart by <a href="https://in.tradingview.com/chart/X78t0Vyp/?symbol=BINANCE%3AGMXUSDT" rel="noopener noreferrer nofollow">TradingView</a> (Daily time frame)
  </figcaption>
 </figure>
</div>
<p>GMX coin has been on an uptrend since the mid-October. At press time, the GMX coin price is trading at the level of $53.98. The resistance levels are at $55.8 and $64.7, while the support levels are at $44.7 and $35.37.&nbsp;</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img loading="lazy" decoding="async" width="1600" height="424" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-213.png" alt="GMX Coin Analysis: The Bulls are Preparing for a Comeback" class="wp-image-183515" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-213.png 1600w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-213-300x80.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-213-1024x271.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-213-768x204.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-213-1536x407.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-213-750x199.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-213-1140x302.png 1140w" sizes="(max-width: 1600px) 100vw, 1600px">
 </figure>
</div>
<p>Moreover, one of the significant things to notice is that the RSI is trading near its neutral zone. The RSI level at press time is 59 while its SMA is 53. This shows a consolidation for a short time. However, the coin is in an uptrend. This predicts the price to be bullish for the time being.&nbsp;</p>
<h3 class="wp-block-heading" id="strong-analysis-of-pivot-ranges-strong"><strong>Analysis of Pivot Ranges</strong></h3>
<figure class="wp-block-table aligncenter">
 <table>
  <tbody>
   <tr>
    <td><strong>Pivot</strong></td>
    <td><strong>Classic</strong></td>
    <td><strong>Fibonacci</strong></td>
    <td><strong>Camarilla</strong></td>
    <td><strong>Woodie</strong></td>
   </tr>
   <tr>
    <td>S3</td>
    <td>24.89</td>
    <td>37.25</td>
    <td>45.56</td>
    <td>30.44</td>
   </tr>
   <tr>
    <td>S2</td>
    <td>37.25</td>
    <td>41.97</td>
    <td>46.69</td>
    <td>37.10</td>
   </tr>
   <tr>
    <td>S1</td>
    <td>43.11</td>
    <td>44.89</td>
    <td>47.83</td>
    <td>42.80</td>
   </tr>
   <tr>
    <td>P</td>
    <td>49.61</td>
    <td>49.61</td>
    <td>49.61</td>
    <td>49.46</td>
   </tr>
   <tr>
    <td>R1</td>
    <td>55.47</td>
    <td>54.33</td>
    <td>50.09</td>
    <td>55.16</td>
   </tr>
   <tr>
    <td>R2</td>
    <td>61.97</td>
    <td>57.25</td>
    <td>51.23</td>
    <td>61.82</td>
   </tr>
   <tr>
    <td>R3</td>
    <td>74.33</td>
    <td>61.97</td>
    <td>52.36</td>
    <td>67.52</td>
   </tr>
  </tbody>
 </table>
</figure>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p><a href="https://www.thecoinrepublic.com/2023/12/07/cardano-price-prediction-will-bullish-wave-push-ada-to-0-500/" target="_blank" rel="noopener noreferrer nofollow">GMX Protocol </a>is a decentralized perpetual trading platform built on Arbitrum. The multi-asset pool on GMX consists of 50-55% stablecoins, 25% ETH, 20% BTC, and around 5-10% other altcoins such as Chainlink and UniSwap. Chainlink Oracles allows the protocol to get accurate price data for assets in the pool. The current price of GMX coin is bullish and is predicted to stay on an uptrend for some time.&nbsp;</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support Levels:</strong> $44.7 and $35.3</li>
 <li><strong>Resistance Levels: </strong>$55.8 and $64.7</li>
</ul>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.</p>

GMX Coin Analysis: The Bulls are Preparing for a Comeback

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