GMX Soars 20% Amid Crypto Whale Frenzy, Is It Back In ‘Turbo Mode’?

As a seasoned crypto investor with a keen interest in following market trends and analyzing whale movements, I’m thrilled to see the impressive surge of GMX over the past few days. The recent price jump, fueled by whale activity and positive sentiment within the community, has resulted in significant profits for early investors like me.

GMX, the native token of decentralized perpetual exchange GMX, experienced a significant gain of over 20% in the past 24 hours. This upward trend appears to have been sparked by a large cryptocurrency investor’s transaction, which has generated optimism within the community regarding the token. Some market analysts predict that GMX could potentially exceed the $60 price mark in the near future.

Whales Send GMX To New Wallets

As a crypto analyst, I’ve uncovered an intriguing occurrence in the world of digital currencies. Early Thursday morning, a significant player in the market, referred to as a whale, withdrew approximately 85,000 GMX tokens from Binance. According to available information, this whale then transferred those funds to a newly created wallet. This action is believed to have contributed to the recent price surge in GMX tokens.

A large whale transaction occurred, involving the withdrawal of approximately 84,515 GMX tokens valued at around $3.77 million, spread across five separate transactions. The average purchase price was set at $43.07. In the ensuing hours, this action caused a significant increase in price from $40 to $44. Subsequently, the investor gained over half a million dollars in potential profit from this market swing.

This morning, there have been claims that another whale transferred 72,300 GMX tokens out of Binance. The latest update indicates that the same wallet now contains a total of 82,768 GMX tokens, equivalent to approximately $3.69 million.

It seems that the price increase of the GMX token started prior to the observed whale activities. On Wednesday, the token’s value rose from around $36 to hit the $42 mark, igniting a sense of optimism within the cryptocurrency market.

As a crypto investor, I’ve observed some impressive gains in GMX over the past 24 hours. The token is currently trading above $44 with a 22.2% price hike. This daily growth translates to a significant weekly rise of 26% and an even more noteworthy monthly increase of 76.3%. Furthermore, I’ve noticed a substantial surge in market activity for GMX. The trading volume has spiked by an astounding 121% in just one day.

GMX Soars 20% Amid Crypto Whale Frenzy, Is It Back In ‘Turbo Mode’?

Crypto Analysts Bullish On GMX

Crypto analysts took notice of the strong showing from the GMX token, voicing optimistic views and setting a near-term price objective.

Based on Daan Crypto’s analysis, it seems that GMX is gaining momentum and returning to a high gear. The token has nearly doubled in value since its lowest point in April this year. Additionally, GMX is currently trading above both its daily 200-day moving average (MA) and exponential moving average (EMA).

For the analyst, the $41 mark represents a crucial point of resistance, which he believes the token should hold in order to maintain its upward trend. Meanwhile, he views the $60 price bracket as an attractive goal for the token’s bullish run.

Crypto expert JJcycles expressed his perspective on GMX’s progression. He identified a bullish flag formation on the token’s price chart. According to the analysis, GMX is currently reversing course and entering the early stages of its third upward price movement.

GMX Soars 20% Amid Crypto Whale Frenzy, Is It Back In ‘Turbo Mode’?

JJcycles noted that the token surpassed the $40 resistance barrier within hours. To a trader, it seems that GMX marked its lowest point in April, reaching a price of $22.

Furthermore, he identified and criticized individuals who gave in during the market’s low point, among them Arthur Hayes. The analyst commented, “As expected, those who surrendered are experiencing discomfort.”

According to NewsBTC’s report, the founder of BitMEX was identified as the top individual owner of GMX tokens, holding approximately 230,000 tokens. In April, it appeared that Hayes had surrendered, transferring all his GMX assets to a wallet associated with Wintermute Trading, a well-known crypto trading firm.

During that period, GMX investors voiced their concerns over the deal, implying that the altcoin had once more reached a favorable purchasing point.

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2024-06-07 01:16