GMXUSDT Faces Retest of Weekly Resistance: Breakout or Rejection
GMXUSDT is poised for a retest of a critical resistance level on the weekly chart at $59.3517. This resistance zone has been tested seven times on the daily chart, with the last two attempts accompanied by decent buying pressure.
Technical Analysis:
Resistance: $59.3517 (Weekly)
Support: $40.1870
Volume: Increased buying pressure on recent touches of resistance
Key Observations:
GMXUSDT is approaching a crucial resistance level on the weekly chart. A breakout above this level could signal further upward momentum.
The repeated tests on the daily chart, particularly with the recent buying pressure, suggest a potential upcoming breakout.
If the price manages to overcome the resistance, the next resistance level on the daily chart is $71.745.
Conversely, if the price fails to break above resistance, it could find support at $40.1870.
Conclusion:
The upcoming price action for GMXUSDT hinges on its ability to overcome the key weekly resistance level. A successful breakout could lead to a surge towards $71.745, while a rejection might trigger a pullback towards the $40.1870 support zone.
This information is for educational purposes only and should not be considered financial advice. Please conduct your own research before making any investment decisions.
Technical Analysis:
Resistance: $59.3517 (Weekly)
Support: $40.1870
Volume: Increased buying pressure on recent touches of resistance
Key Observations:
GMXUSDT is approaching a crucial resistance level on the weekly chart. A breakout above this level could signal further upward momentum.
The repeated tests on the daily chart, particularly with the recent buying pressure, suggest a potential upcoming breakout.
If the price manages to overcome the resistance, the next resistance level on the daily chart is $71.745.
Conversely, if the price fails to break above resistance, it could find support at $40.1870.
Conclusion:
The upcoming price action for GMXUSDT hinges on its ability to overcome the key weekly resistance level. A successful breakout could lead to a surge towards $71.745, while a rejection might trigger a pullback towards the $40.1870 support zone.
This information is for educational purposes only and should not be considered financial advice. Please conduct your own research before making any investment decisions.