6 June 2024
GMX, the native token of decentralized perpetual exchange GMX, has soared over 20% in the past 24 hours. The surge was seemingly fueled by a crypto whale move that ignited the community’s positive sentiment towards the token. Some analysts believe GMX might be preparing for a breakout above the $60 mark.
Whales Send GMX To New Wallets
In the early hours of Thursday, a whale withdrew over 85,000 GMX tokens from crypto exchange Binance. Per the reports, the whale sent the funds to a fresh wallet, boosting the price surge.
The whale withdrew 84,515 GMX, worth around $3.77 million, in five transactions for an average price of $43.07. This move propelled the price from $40 to $44 in the following hours. Moreover, the price jump resulted in over half a million in unrealized profit for the crypto investor.
Similarly, reports of another whale withdrawing GMX from Binance surfaced this morning. According to the post, 72,300 GMX tokens were sent to a wallet from Binance. The wallet now holds 82,768 GMX, worth $3.69 million.
The token’s surge appears to have begun before the whale activity. GMX’s price jumped from the $36 price range to the $42 mark on Wednesday, which fueled the positive sentiment of the crypto community.
In the past 24 hours, GMX rose 22.2%, trading above $44 now. The recent performance represents a 26% and 76.3% price increase in the weekly and monthly timeframes. Moreover, it has registered a surge in its market activity, registering a 121% daily trading volume increase in the last day.
Crypto Analysts Bullish On GMX
The token’s performance didn’t go unnoticed by crypto analysts. The market watchers expressed their bullish sentiment towards GMX and set a short-term target.
According to Daan Crypto, GMX appears to be running back to “turbo mode.” The token is currently up 2x from its bottom registered in April of this year. Moreover, GMX is “trading back above the daily 200MA/EMA.”
To the analyst, the $41 support zone will be a key level to hold going forward. He also considers the $60 price range a good target for the token’s bullish momentum.
Crypto trader and analyst JJcycles also weighed in on GMX’s performance. The trader highlighted a bullish flag pattern on the token’s chart. Per the analyst, GMX is “nicely reversing into the beginning of the third wave.”
JJcycles also pointed out the token successfully broke out of the $40 resistance level in the following hours. To the trader, it looks like GMX printed the bottom in April when it went as low as $22.
Additionally, he called out those who capitulated within the bottom accumulation range, including Arthur Hayes. “Just like it is supposed to be, capitulators are in pain,” wrote the analyst.
As reported by NewsBTC, the BitMEX founder was the largest individual holder of GMX, with over 230,000 GMX tokens. In April, Hayes seemingly “accepted capitulation” after sending all his GMX holdings to an address linked to crypto algorithmic trading firm Wintermute Trading.
At the time, GMX investors criticized the transaction, suggesting that the altcoin was “in that buy zone again.”