$GMX
Entry Range: $20.10 - $20.50
Action: Buy ๐
SL (Stop Loss): $19.50
TP 1: $21.00
TP 2: $22.00
TP 3: $23.50
๐ฅ Trade Now $GMX
๐จ Note: Trade at your own risk. DYOR.
Analysis of the Trade Setup:
Positive Price Action (1.68% Gain in 1d): GMX has shown a modest price increase, suggesting ongoing upward momentum in the short term.
Volume Decrease (-41.47% in 24h): The drop in trading volume signals reduced buying interest, which could lead to temporary consolidation before a breakout. However, the price has held above key support levels, indicating potential for a continuation of the upward movement if volume recovers.
Strong Support: The $19.50 - $19.76 range has held well as support in recent trading, with prices finding a floor near this level. If this support holds, the price could rise towards the next resistance at $21.00.
Technical Indicators: GMX remains above the $20.00 mark, indicating bullish sentiment if it stays above this key level.
Why Investors Should Follow This Setup:
Short-Term Bullish Momentum: The market has shown positive movement despite the slight volume decline. If the price stays above $19.76, it could be poised for an upward breakout.
Scalping Opportunity: The potential for short-term price movements offers an ideal opportunity for quick profits with clearly defined risk (stop loss at $19.50).
Price Targets: The targets are based on recent resistance levels ($21.00, $22.00, and $23.50), where GMX has previously struggled to break higher.
Reversal Possibility Trade Setup (Bearish Scenario):
If GMX fails to hold the $19.50 support level, consider a short position:
Entry Range: $19.30 - $19.50
Action: Sell ๐
SL: $20.50
TP 1: $18.00
TP 2: $17.00
TP 3: $16.00
Reason for Reversal:
Breaking Below Support: If GMX breaks below the $19.50 support, it could signal further downside.
Bearish Sentiment in the Market: A sustained decline could push the price down to test lower support levels.
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