Is GMXUSDT Ready for a Massive Surge or a Retest?

٢٤ أغسطس

Yello Paradisers! Have you noticed how #GMXUSDT has broken through its descending resistance? The recent action suggests this pair could be primed for a significant move, but will it be smooth sailing, or are we in for a retest first? Let’s dive in.

💎GMXUSDT has decisively broken above a descending trend-line, which had been holding the price down. This breakout is a strong bullish signal, indicating the potential for higher highs.

💎Before this breakout, GMXUSDT was forming lower lows and lower highs—a classic bearish pattern. However, with the recent price action, there’s a shift in the market structure, suggesting the formation of higher highs could be underway.

💎The pair has also flipped a critical support-resistance level, further strengthening the bullish outlook. - Immediate resistance is expected around 45.74.A stronger resistance lies at $54.30.

💎However, the market rarely moves in a straight line. While the bullish momentum is clear, there is still a chance that the price could retest the breakout zone. A pullback to the resistance-turned-support around $27.26 is possible, especially if the market needs to gather more buying pressure before challenging higher resistance levels.

💎Should keep an eye on the $22.06 level. If GMXUSDT closes an 8-hour candle below this level, it could signal a shift back to a bearish trend, invalidating the current bullish setup.

💎While the breakout from descending resistance is a promising sign for bulls, caution is still warranted. A retest of the key levels could occur before the next leg up. Stay disciplined and monitor the price action closely, especially around the mentioned resistance and invalidation levels.

Stay focused, patient, and disciplined, Paradisers. This could be the start of a strong move, but as always, managing risk is key to long-term success!

MyCryptoParadise
iFeel the success🌴