$GMX has experienced a price decline of 3.802% in the last 24 hours.
With the trading range between 14.86 and 13.81, price action remains confined.
Bollinger Bands indicate potential volatility, with the upper band at 14.54 and the lower band at 13.89.
The downtrend looms strong, as support holds at 13.81, while resistance is seen at 14.83.
Recent macroeconomic factors, including inflation concerns, weigh on market sentiment.
Currently, Bitcoin's influence appears undefined, suggesting that GMX's movement is independent.
Traders might consider a short-term approach due to heightened volatility in the current downtrend.
Key takeaway: Watch for breaking support levels, which could signal deeper corrective movements.
