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.
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.
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.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
