One closely followed cryptocurrency strategist believes that the decentralized exchange (DEX) altcoin is flashing signs that it may be about to embark on a bullish rally.
Trader Ali Martinez Tells With his 40,400 followers on social media platform
“If we see a flat three-day candle close above $59, this could serve as the catalyst for a bullish rally that pushes GMX towards an ambitious $90 target!”
GMX is a decentralized platform and permanent exchange that offers up to 50x leverage. The project’s original asset is trading at $54.50 at the time of writing and is down over 2% in the past 24 hours.
Martinez is not the first digital asset analyst to point to a potential bullish pattern for GMX. Earlier this month, the pseudonymous trader known as The Crypto Dog predicted that the coin would see a roughly 90% rally if it surpasses the immediate resistance level.
“GMX is drawing a huge inverse head and shoulders for several months… The benchmark gives a target of $106 for GMX.”
Looking at Bitcoin (BTC), Trader Warn The leading digital asset by market capitalization gives a read that a trend reversal for the broader cryptocurrency markets is on the horizon.
The inter-exchange flow pulse (IFP), which tracks BTC flows between different trading platforms, fell below its 90-day average. Historically, this shift often indicates a bearish shift in the cryptocurrency market!
At the time of writing, Bitcoin is valued at $42,589, down over 7% in the past 24 hours.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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