GMX, the native token of decentralized perpetual exchange GMX, has soared over 20% up to now 24 hours. The surge was seemingly fueled by a crypto whale move that ignited the community’s positive sentiment towards the token. Some analysts imagine GMX may be preparing for a breakout above the $60 mark.
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Whales Send GMX To Latest Wallets
Within the early hours of Thursday, a whale withdrew over 85,000 GMX tokens from crypto exchange Binance. Per the reports, the whale sent the funds to a fresh wallet, boosting the worth surge.
The whale withdrew 84,515 GMX, value around $3.77 million, in five transactions for a mean price of $43.07. This move propelled the worth from $40 to $44 in the next hours. Furthermore, the worth jump resulted in over half one million in unrealized profit for the crypto investor.
Similarly, reports of one other whale withdrawing GMX from Binance surfaced this morning. In accordance with the post, 72,300 GMX tokens were sent to a wallet from Binance. The wallet now holds 82,768 GMX, value $3.69 million.
The token’s surge appears to have begun before the whale activity. GMX’s price jumped from the $36 price range to the $42 mark on Wednesday, which fueled the positive sentiment of the crypto community.
Previously 24 hours, GMX rose 22.2%, trading above $44 now. The recent performance represents a 26% and 76.3% price increase within the weekly and monthly timeframes. Furthermore, it has registered a surge in its market activity, registering a 121% day by day trading volume increase within the last day.
GMX’s performance within the three-day chart. Source: GMXUSDT on TradingView
Crypto Analysts Bullish On GMX
The token’s performance didn’t go unnoticed by crypto analysts. The market watchers expressed their bullish sentiment towards GMX and set a short-term goal.
In accordance with Daan Crypto, GMX appears to be running back to “turbo mode.” The token is currently up 2x from its bottom registered in April of this 12 months. Furthermore, GMX is “trading back above the day by day 200MA/EMA.”
To the analyst, the $41 support zone can be a key level to carry going forward. He also considers the $60 price range a great goal for the token’s bullish momentum.
Crypto trader and analyst JJcycles also weighed in on GMX’s performance. The trader highlighted a bullish flag pattern on the token’s chart. Per the analyst, GMX is “nicely reversing into the start of the third wave.”
GMX exhibits a bullish flag pattern. Source: JJcycles on X
JJcycles also identified the token successfully broke out of the $40 resistance level in the next hours. To the trader, it looks like GMX printed the underside in April when it went as little as $22.
Moreover, he called out those that capitulated inside the bottom accumulation range, including Arthur Hayes. “Identical to it’s alleged to be, capitulators are in pain,” wrote the analyst.
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As reported by NewsBTC, the BitMEX founder was the most important individual holder of GMX, with over 230,000 GMX tokens. In April, Hayes seemingly “accepted capitulation” after sending all his GMX holdings to an address linked to crypto algorithmic trading firm Wintermute Trading.
On the time, GMX investors criticized the transaction, suggesting that the altcoin was “in that buy zone again.”
Featured Image from Unsplash.com, Chart from TradingView.com