Ali Martinez, a noted strategist in the cryptocurrency market, states that GMX, a decentralized exchange altcoin, is showing clear signals indicating a bullish rally. To support this claim, he emphasizes the inverse head-and-shoulders formation, which is a strong formation that appears on the asset’s technical analysis chart and can signal a change in trend.
The inverse head-and-shoulders formation is a pattern that generally provides technical analysis signals that the asset will break out of its downward trend and begin to rise. of GMX in the charts This formation gives investors a glimmer of hope that the asset can reverse its current trend and start a strong rise.
According to Martinez’s prediction, the $59 level, a critical factor in determining GMX’s future performance, becomes an important reference point for investors.
“If we see a consistent three-day candlestick close above $59, this could be the trigger for a bullish rally that would push GMX towards an ambitious target of $90!”
NEWS CONTINUES BELOW
The altcoin is trading at $54.97 at press time
On the other hand, this view is not a new example among the predictions about the potential rise of GMX. Earlier this month, a trader known as The Crypto Dog predicted that GMX could have an almost 90% upside potential if it broke through a certain resistance level. Such analyst predictions have created interest among investors and followers in the altcoin market.
“GMX is painting a massive multi-month inverse head and shoulders chart… The measurement rule gives a target of $106 for GMX.”
Apart from GMZ, analyst Ali Martinez examined the leading cryptocurrency Bitcoin (BTC). Analyst warns that the leading digital asset by market cap may decline.
“The Inter Exchange Flow Pulse (IFP), which tracks BTC flows between various trading platforms, has fallen below the 90-day average. Historically, this change usually indicates a bearish trend in the crypto market!”
You can follow the current price movement here.