NEW DELHI (CoinChapter.com) — Decentralized crypto exchange GMX has witnessed serious growth following the collapse of FTX, resulting in the developing firm emerging as a serious competitor to established industry leaders.
Per a report from Delphi Digital, on Nov 28, GMX usurped Uniswap in terms of daily trading fees. GMX raked in more than $1.15 million, about 9% more than Uniswap’s $1.06 million.
GMX allows users to trade perpetuals with no expiry and without an intermediary. The exchange likely benefitted from a shift of investors’ focus on perpetual-centric decentralized exchanges.
The exchange came live in Sept 2021, offering crypto perpetuals trading, which Binance and the now defunct FTX exchange dominated earlier.
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GMX is seventh in terms of fees collected over the last 30 days, with its fee rising by nearly 107.2% month on month in Nov.
MACD Bullish For GMX, But Bears Maintain Selling Pressure
The native namesake token of the exchange, GMX, recorded its highest daily gain in three weeks on Nov 30 as the crypto token price jumped more than 20% to reach a high of $49.7. On Dec 1, GMX price rose to $53.8 on Dec 1, resulting in the token spiking 30% from Nov 30’s low of $41.4.
However, the GMX crypto later pared gains to drop to a low of $47.7 on Dec 1, with the long upper wick on the day’s candle highlighting the strong bearish pressure on the token. If the sell-off continues, GMX price might fall to immediate support near $45.1.
Moreover, breaching below immediate support might force the crypto token to test support near $40.2 before prices recover.
Meanwhile, the momentum-oscillator MACD forecasts a bullish signal for the token. Additionally, positive bars on the MACD histogram are expanding, indicating the MACD line (difference between 12-day and 26-day EMA) moves away from the MACD signal line (9-day EMA of MACD).
Expanding positive bars indicate increasing bullish momentum for GMX price.
If traders start a buying spree, the GMX token price might rise to challenge resistance near $52. Moreover, a break and hold above immediate resistance could provide the crypto token price the momentum needed to rise to tackle resistance near $58.5 before downside corrections pare gains.
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