GMX Price at Risk: Failure of $14 Support Could Trigger All-Time Low

Key Takeaways

• GMX trades at the final support area before the all-time low.
• The GMX price trades under a descending resistance trend line.
• Will GMX rebound, or will it fall to a new all-time low instead?
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The GMX price has fallen nearly 90% since its all-time high in April 2023. Attempts at relief rallies have been unsuccessful, with each bounce creating lower highs.

There was some positive GMX news today when the team introduced a new functionality that allows users to add orders through the drag-and-drop method. However, the announcement failed to spark a price rally.

With GMX trading at the final support area before a new all-time low, the key question is: Can GMX muster enough strength for a rebound, or are new lows inevitable? Let’s find out.

GMX Risks All-Time Low

The GMX price has fallen under a descending resistance trend line since its all-time high of $90.63 in April 2023. GMX deviated above this resistance in December 2024 (black circle).

This accelerated the downward movement, taking GMX to a new yearly low of $12.40 on March 11.

While the GMX price has bounced slightly afterward, it still trades inside the $14 horizontal support area, the final one before a new all-time low.

So, a breakdown below it could further accelerate the downward movement to new lows.

Technical indicators give a bearish GMX price prediction. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling.

The RSI is below 50 while the MACD is negative, both indicative of a bearish trend.

Let’s look at the wave count and see where the next area of support is.

GMX Bottom Close

The long-term wave count suggests the GMX price decline since the highs is a five-wave downward movement (red) inside a descending wedge.

So, it is a leading diagonal pattern, noted by the overlap between waves four and one.

Waves one and three have both been three-wave structures (black), making it more likely that wave five will also be a three-wave structure.

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If this is accurate, the first portion of wave five is complete, and a short-term bounce is due. Afterward, sub-wave C will complete wave five and the correction near the wedge’s support trend line at $8. This could then lead to a considerable bounce.

On the other hand, a decisive GMX price close below the $14 area and the wedge’s support will mean that the decline is not a diagonal but a regular five-wave downward movement.

If that happens, the GMX price decline could accelerate quickly toward new lows.

Bearish Trend in 2025

If the GMX price closes below the $14 horizontal support area, it risks falling to a new all-time low.

While a short-term bounce may happen, the price will likely break down from this area and fall to new lows.