$GMX /USDT- Bearish Reversal in Progress :(
Current Price: $16.07
Intraday Range: $15.15 – $16.32
Key Support: $15.00
Resistance Levels: $17.00, $18.00
GMX ($GMX) has experienced a significant decline from its recent high of $23.54 on August 10, 2025, to its current price of $16.07. This sharp drop indicates a bearish reversal in progress. The price is currently testing the $15.00 support level, which, if broken, could lead to further downside. Resistance is observed at $17.00 and $18.00 levels.
📊 Fibonacci Levels: Retracement Status
23.6% Retracement: $17.68
38.2% Retracement: $18.94
50% Retracement: $20.00
61.8% Retracement: $21.06
The price has fallen below the 23.6% Fibonacci retracement level of $17.68, suggesting that the bearish trend may continue. A pullback to this level could provide a potential short entry point.
📉 RSI: Neutral to Bearish
14-Day RSI: 56.83
Interpretation: The RSI is in the neutral zone, indicating neither overbought nor oversold conditions. This suggests that the current trend lacks strong momentum and could go either way.
🎯 Entry Zones
Safer Entry: $17.00 (if the price retraces to this level and shows signs of rejection)
Aggressive Entry: $15.00 (if the price breaks below this support level with strong volume)
A retracement to the $17.00 level could offer a favorable risk-to-reward ratio for short positions. Alternatively, a break below $15.00 could signal further downside potential.
💰 Take-Profit Zones
TP1: $14.00 (next support level)
TP2: $13.00 (previous low)
Reaching these levels would confirm the continuation of the bearish trend.
🛡️ Stop-Loss Ideas
Conservative Stop-Loss: $18.00 (above the 61.8% Fibonacci retracement level)
Tight Stop-Loss: $17.00 (above the 23.6% Fibonacci retracement level)
Setting a stop-loss above these levels can help manage risk in case of a market reversal.
