• Cryptocurrencies remained in a consolidation phase this week.

• Trader Joe, GMX, and Casper Network were among the top movers on Friday.

Cryptocurrencies reacted mildly to the latest US jobs numbers published on Friday. Bitcoin is still loitering at the $20,000 level while the volume traded in exchanges has dropped. This article will look at some of the top cryptocurrencies that made some strong moves on Friday, including GMX, Trader Joe, and Casper.

Trader Joe price prediction

Trader Joe is a leading decentralized exchange that was started operations in Avalanche, one of the top chains in the world. The token rose slightly on Friday after the network launched on Ethereum, the biggest player in the industry. This means that the platform is also in Arbitrum and BNB Chain. 

Trader Joe’s JOE token has been in a strong bearish trend in the past few weeks. In this period, it has dropped by more than 29% from the highest point in June. The token has remained below the 25-period and 50-period moving averages (MA). It has formed a falling wedge pattern, which is usually a bullish sign.

JOE price will likely remain in this range during the weekend since the integration of Ethereum will not have an impact on the network. As such, it will remain between the support and resistance levels at $0.30 and $0.32.

GMX price prediction

GMX is a leading decentralized exchange (DEX) that provides perpetual futures products. It is the biggest DEX in Arbitrum, the biggest layer-2 network in the world. The GMX token rose after the developers launched its V2 on Thursday. This new version will introduce more coins like Dogecoin at lower fees.

GMX token has made a strong bullish comeback in the past few days. This recovery started after the token settled at $49.03, the lowest level since June 19th. It has moved above the 25-day moving average.

At the same time, it has formed an inverted cup and handle pattern, which is usually a bearish sign. Therefore, the token will likely resume the bearish trend and retest the support at $49.03.

How to buy GMX token

Casper price prediction

Casper price has made a strong comeback in the past few days. On the four-hour chart, the pair has risen in the past four straight hours. It has moved above the important resistance level at $0.040, the highest level on July 28th.  It then moved to the key resistance point at June 22nd.

Casper token has jumped above the 50-day and 25-day moving averages. The outlook for Casper’s CSPR is bullish, with the next level to watch being at $0.043. This view will be confirmed if the token jumps above the key resistance at $0.041

How to buy Casper

A trader’s big bet against Ethereum caused him to lose a big chunk of his $2 million margin. Considering the firm and steady increment of ETH prices over the last few weeks, more could be at stake. 

In a series of screenshots shared on July 3 on Reddit, one trader on GMX has been aggressively “shorting” Ethereum with high leverage, a decision that has seen the trader lose hundreds of thousands in USD. GMX is a popular decentralized finance (DeFi) protocol that allows users to trade perpetual futures contracts, including those of ETH, with up to 50x leverage. 

Ethereum Prices Up 20% In 2 Weeks

Despite facing significant losses from the forced liquidation of their shorts, the trader appears unfazed and continues to double down, shorting with high leverage without concern.

Since mid-June 2023, Ethereum prices have been rising, expanding 20% at spot rates. Floating above previous liquidation levels at around $1,900, the coin is now trading at about $1,945.Although buyers were unable to drive up spot rates further, the bulls are still in charge. The psychological price point of $2,000 is still the immediate resistance level, along with the April 2023 highs at $2,100.

Sparked by fundamental activities and mostly confidence from the broader cryptocurrency community, Ethereum has been marching higher, tracking the performance of Bitcoin. The direct correlation of prices versus the USD between Bitcoin and Ethereum could have benefited bulls during the rally.  

Comments from the United States Securities and Exchange Commission (SEC), alleging that some of the native currencies of some of Ethereum’s competitors, including Algorand, Cardano, and Solana, are unregistered securities could have provided tailwinds for ETH, cementing its positions as a leading smart contracts platform.

The SEC’s representatives, especially its chair, Gary Gensler, have remained non-committal in readily classifying the status of ETH. Any clarification could boost prices or force a sell-off depending on the agency’s classification.

Trader’s Doubling Down on ETH Shorts

Despite the steady rise of ETH over the past two weeks, the trader, records reveal, has been shorting ETH from when it was at around $1,700 to spot rates. However, the trader began aggressively shorting ETH from June 26. 

In total, the trader opened two positions. One with a leverage of 19X was for $12 million, while the other with a leverage of 7X was for $1 million. As prices increased, the collateral representing $12 million from the 19X leverage position was closed. This didn’t stop the trader from opening another position. According to his trading history, another short position with a stop at $1,999 was opened, with leverage of 30X.

Whether ETH prices will rise in the coming weeks is yet to be seen. All that’s evident is that the coin’s price has been firm, defying sellers who have been active from mid-April through to the first half of June. In the medium term, the $2,000 and $2,100 liquidation levels are critical price points that could shape ETH’s trajectory in the second half of 2023.

Feature image from Canva, chart from TradingView

• GMX token has more than doubled in price

• The DEX has witnessed increased activity in November

• GMX broke from consolidation and is a buy on a retracement

GMX token (GMX/USD) has doubled in price. Trading at just $25 on November 10, the cryptocurrency touched a high of $59 on December 2. The gains come amid an influx of investors post-FTX collapse. As of press time, GMX was trading at $56.

The collapse of the FTX exchange fueled demand for decentralised exchanges or DEX. Among the DEXs that became popular were GMX and Uniswap. Both platforms saw increased investors’ interest, fueling gains in the native tokens. Yet, on November 28, GMX saw $1.15 million in daily trading fees. The fees surpassed those earned by Uniswap for the first time in history. That underlined that investors look at the lesser-known DEX as a serious rival to Uniswap.

Market analyst Zen commented on the recent performance of GMX compared to Uniswap. The market analyst says GMX’s performance stems from investors receiving favourable trading fees of about 30%. Users on Uniswap do not get shares from the protocol’s trading fees. Zen says that GMX is a buy-and-hold in the bear market. He also lauds the platform as being the second-highest platform consistently after Uniswap.

GMX technical outlook as price aims for the stars

GMX/USD Chart by TradingView

Technically, GMX broke above a resistance at $49. The cryptocurrency has also been trading on an ascending channel, now invalidated as the price broke out on the upper band.

An RSI reading of 70 suggests that GMX is entering overbought levels. The cryptocurrency is also facing minor resistance, and a correction could occur before the next bull leg.

When to buy GMX?

A breakout at the crucial resistance and strong fundamentals supports buying GMX. However, from the price action and indicators, GMX could be due for a correction. 

A potential price retracement towards $49 is on the horizon. Investors should take advantage of a correction and buy lower. 

Where to buy GMX

• GMX price continues to show bullish strength as price increases on all timeframes, as there is no sign of retracement. 
• GMX is one of the arbitrum favorites listed on the Binance innovation trading interface. 
• The price of GMX holds above support as price trends on the daily timeframe to create new all-time highs.  

GMX token (GMX) has continued to look bullish as the price trend week in week out on the Arbitrum network as GMX token gets listed on Binance innovative center. The price of GMX has seen a rosy start to its launch despite its emergence in the bear market; the price continues to trend and remain bullish even in the face of uncertainty in the market. With the current market looking more promising ahead of more relief bounces from altcoins, we could see the price of GMX token (GMX) doing extremely well. (Data from Binance)

GMX Token (GMX) Price Analysis On The Weekly Chart

The new month has come with more relief for most crypto projects, with altcoins, such as BTC, ETH, and even XRP, continuing to show strength after weeks of downtrend movement. 

The price of GMX has continued to show its bullish strength despite being rejected from the $60 mark as the price tried to trend higher, creating a new all-time high.

After a rejection from $60, the price retested its support area of $37 as price quickly bounced off, rallying with great strength to $50. With the current bullish structure, GMX has continued to sustain it is just a matter of time before the price retests its all-time high.

The weekly price for GMX closed bullish ahead of a new week, with the price opening with a more bullish sentiment. The news of the token being listed on the Binance innovation zone is a big plus for the price of GMX.

Weekly resistance for the price of GMX – $60.

Weekly support for the price of GMX – $37.

Price Analysis Of GMX On The Daily (1D) Chart

On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B); this has helped most altcoins, including the price of GMX; despite losing its uptrend line, the price has continued to show great bullish strength to reclaim this region. 

The current price of GMX is $49.8 as the price continues to trade above 8 and 20-day Exponential Moving Averages (EMA) after flipping this into support for GMX price. The price at $40 corresponds to the values of 8 and 20-day EMA acting as support.

Daily resistance for the price of GMX – $60.

Daily support for the price of GMX – $37.

Featured Image From zipmex, Charts From Tradingview

The price of the GMX token has shown so much strength despite the downtrend across the market, with the GMX token eyeing a rally to its all-time high of $60. Bitcoin’s (BTC) price has shown less steam compared to recent times, this has affected most crypto assets, but this can not be said of GMX token. (Data from Coinex)

GMX Token (GMX) Price Analysis On The Daily Chart 

GMX token price has shown so much strength creating a higher high after hitting a low of $13; the price bounced off from this region and rallied to $55. 

The price of GMX rallied to a high of $55 but was rejected as this proved to be a resistance for GMX on the daily chart. 

GMX price dropped to a region of $35, forming daily support to hold off the price from selling. The price of GMX has continued to hold above support and build momentum to break above this region.

The price of GMX is currently trading above its support, with eyes set for more highs. 

Daily resistance for the price of GMX – $55.

Daily support for the price of GMX – $35.

Price Analysis Of GMX On The Four-Hourly (4H) Chart

After falling from a high of $55, the price of GMX on the four-hourly timeframe has formed support at $30, holding the price of GMX from going lower as this has become an area of demand for GMX price.

The price of GMX has formed a bullish trendline acting as support for the price of GMX; as long as the price of GMX respects the trendline acting as support for its price, we could see the price of GMX going higher to a new high and possibly reaching its all-time highs.

If the price of GMX fails to hold this trendline and breaks below, we could see the price going lower to a region of $40, where it has formed support in the four-hourly timeframe before its rally.

Despite being rejected recently from the $55 mark, GMX price has continued to look bullish with more buy volume for this coin.

Four hourly (4H) resistance for the GMX price – $55.

Four hourly (4H) support for the GMX price – $40.

Price Analysis Of GMX On The One-Hour (1H) Chart

The price of GMXon the 1H timeframe has continued to respect the trendline while creating higher highs; if the price of GMX continues its bullish structure, we could see GMX going past the $60 mark.

If the trendline supporting the GMX token is broken, we could see the price revisiting $43, just above the 200 Exponential Moving Average (EMA). The price of GMX is currently trading above the 50 and 200 EMA, acting as support for GMX’s price in the 1H timeframe.

The price of $47 and $43 corresponds to the 50 and 200 EMA values on the 1H chart.

The Relative Strength Index (RSI) for GMX on the 1H chart is above 60, indicating buy order volume for the GMX price.

One-Hourly (1H) resistance for the GMX price – $55.

One-Hourly (1H) support for the GMX price – $47, $43.

Featured Image From Currency, Charts From TradingView.com 

The GMX price has been in a slow recovery as investors attempt to buy the dip. The token is trading at $21, which is the highest it has been since July 3rd of this year. It has jumped by more than 120% from the lowest level in June this year. GMX has a market cap of over $168 million. 

What is GMX? 

There are primarily two main types of cryptocurrency exchanges: centralized and decentralized platforms. In the past few years, the concept of decentralized exchanges has become so popular that analysts believe that they will soon overtake centralized exchanges like Coinbase and Binance. 

GMX is a relatively small but fast-growing decentralized perpetual exchange that enables people to buy and sell crypto derivatives in just a few steps. Unlike centralized exchanges, you don’t need to register. Instead, all you need is to connect your wallet to its platform and start trading. 

Read our review of the best crypto exchanges.

GMX makes it possible for people to use leverage to maximize their crypto investments. It also has substantially lower fees than other perpetual protocols. In addition to trading, one can easily swap coins in a few steps. 

GMX uses two smart contracts that are all easily available to most users. Its main platform was built on Arbitrum, which is well-known for its low fees and high performance. It is also available on Avalanche. According to its website, GMX has helped to facilitate over $47 billion in trading volume from over 69k users. 

GMX has two tokens: GMX and GLP. GMX, the main coin, is the utility token for the ecosystem. It accrues about 30% of the total fees earned from the ecosystem. Holders earn about 21% on both Arbitrum and Avalanche. On the other hand, GLP is the liquidity provider token for the network. It accrues about 70% of its fees. 

GMX price prediction 

The hourly chart shows that the GMX token price has been in a slow upward trend in the past few days. The coin has managed to move above the ascending trendline that is shown in blue. It is also hovering around the 25-period and 50-period moving averages. 

A closer look shows that it has formed what looks like an ascending head and shoulders pattern. Therefore, we can’t rule out a situation where the GMX price makes a major pullback in the coming days. If this happens, the next key support level to watch will be at $18.