GMX/USDT Keep an eye in this support, Bounce or break down ??

20. Jan.

💎 GMX has been garnering significant attention in the market recently. At present, GMX is positioned at a support level, which previously acted as resistance. Observing the current trend, GMX maintains a bullish pattern, characterized by forming higher highs and higher lows.

💎 For GMX to continue its upward trajectory, it’s crucial to witness a strong bounce from this support level. A successful rebound from here could propel GMX towards the strong resistance area, potentially setting new highs.

💎 However, there’s a critical scenario to monitor for GMX. If it fails to hold the support level and experiences a breakdown, this could signal a significant shift in market dynamics.

💎 Such a breakdown would indicate the disruption of the bullish trend, potentially steering GMX into a bearish phase. In this situation, GMX could see a downward movement, leading it to approach the key support area. This juncture would be pivotal, as a failure to hold the key support could further exacerbate the bearish trend.