#GMXTrading 100% confirmed SHORT TRADE Enter Now $GMX Ready for a Sharp Drop ❓High-Risk, High-Reward Short in Play❗$GMX has hit resistance at $17.89 and is now showing early signs of exhaustion, with bearish momentum creeping in. The price is struggling to hold above $17.08, indicating a potential downward move. $GMX Surges – Can Bulls Hold the Gains❓
#GMX has spiked to $17.08, showing a 16 percent increase in the last 24 hours. The price peaked at $17.89, but selling pressure has emerged, leading to a slight pullback.
Key Levels to Watch
Resistance: $17.89 – A breakout above this level could push GMX toward $18.50 and $19.20.
Support: $16.50 – Holding above this level is crucial; failure could result in a decline toward $15.80 and $15.50.
Trade Setup
Long entry: If GMX maintains support at $16.50, potential upside targets are $17.89 and $18.50.
Short entry: A rejection at $17.89 could send the price toward $16.50 and $15.80.
Stop loss: Below $15.80 to manage risk.
Market Insights
Volume remains high, indicating strong participation in the recent rally.
Order book shows 53 percent sell pressure, signaling possible profit-taking.
Overbought conditions suggest caution, as a pullback could occur before another move higher.
GMX is showing strong momentum, but traders should watch for a breakout above $17.89 or a potential retest of lower support levels before making further moves.