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Our analysis of the situation
GMX, the native token of decentralized perpetual exchange GMX, has experienced a remarkable surge, soaring over 20% in the past 24 hours. This sudden upswing has caught the attention of market analysts, with many speculating that GMX may soon surpass the $60 mark.
Whale Tales: Fueling Positive Sentiment
The recent surge in GMX's price can be attributed to some major crypto whale maneuvers that have sparked positivity within the community. Notably, a whale made a sizable withdrawal of over 85,000 GMX tokens from Binance, amounting to approximately $3.77 million. This substantial move prompted a surge in price, as the token's value jumped from $40 to $44 in a matter of hours, resulting in significant unrealized profits for the investor.
Fueling further enthusiasm, another whale was reported to have withdrawn 72,300 GMX tokens from Binance, consolidating a significant holding of 82,768 GMX worth $3.69 million in a separate wallet. These maneuvers have undoubtedly contributed to the notable uptick in GMX's value.
The token’s impressive performance over the past 24 hours, with a 22.2% rise and current trading above $44, signifies a substantial 26% and 76.3% increase over the weekly and monthly timeframes, respectively. Moreover, its market activity has surged, indicating a 121% increase in daily trading volume.
Crypto Experts Bullish on GMX
Notably, seasoned crypto analysts have taken note of GMX's remarkable performance and have expressed bullish sentiments regarding its future trajectory. Daan Crypto, for instance, has indicated that GMX is exhibiting signs of reverting to “turbo mode,” having doubled from its bottom in April this year, and trading above the daily 200MA/EMA. The analyst has set his sights on the $60 price range, citing this as a viable target for the token's bullish momentum.
Similarly, crypto trader and analyst JJcycles has identified a bullish flag pattern on GMX's chart, highlighting the token's successful breakout from the $40 resistance level and significant price growth. Furthermore, JJcycles confidently declared that GMX had likely found its bottom in April and humorously pointed out the plight of those who succumbed to capitulation within the low accumulation range.
In conclusion, GMX's recent surge propelled by impactful whale movements has not gone unnoticed, garnering optimism from both the community and seasoned crypto analysts who foresee an exciting trajectory for the token. As GMX continues to make waves, it's clear that the crypto market remains as thrilling as ever.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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