Market Overview for GMX (GMXUSDT) on 2025-07-28

• GMX rallied from $13.50 to a 24-hour high of $14.12 before consolidating near $13.98.
• A bullish breakout above $13.80 was confirmed by volume expansion and strong follow-through.
• RSI and MACD showed overbought conditions during the peak, indicating potential pullback risk.
• Volatility expanded mid-day, with Bollinger Bands widening as momentum accelerated.
• A bearish reversal pattern emerged near $13.50, suggesting support may hold in the short term.

Opening Narrative

GMX opened at $13.51 on 2025-07-27 at 16:00 ET, reached a high of $14.12, and closed at $13.98 by 12:00 ET on 2025-07-28. The 24-hour trading volume totaled 47,538.6 units, with a notional turnover of approximately $637,100, suggesting strong participation during key price movements.

Structure & Formations

The 15-minute chart displayed a clear bullish impulse wave from $13.50 to $14.12, with a bearish engulfing pattern forming near $13.50 in the final hours. Key resistance levels were observed at $14.03 and $14.12, while support levels held at $13.70 and $13.50. A doji formed near $13.98, suggesting indecision.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were both below the price, reinforcing the bullish bias. On the daily timeframe, the 50-period MA crossed above the 100-period MA, signaling a potential continuation of the upward trend.

MACD & RSI

The MACD line crossed above the signal line during the morning hours, confirming bullish momentum. RSI hit overbought territory (above 70) at the peak of $14.12, suggesting a potential short-term pullback. However, RSI did not show signs of divergence, implying the rally may still hold.

Bollinger Bands

Volatility expanded significantly during the late morning and early afternoon, with the upper band reaching $14.12. Price closed near the upper band, indicating strong buying pressure. The bands have since contracted slightly, suggesting a possible consolidation phase ahead.

Volume & Turnover

Volume surged during the breakout above $13.80 and again during the push to $14.12, with turnover aligning closely with price action. A divergence between volume and price occurred near $13.98, suggesting caution for further upward movement.

Fibonacci Retracements

Fibonacci levels on the 15-minute chart showed key retracement levels at 38.2% ($13.98) and 61.8% ($13.82), both of which acted as temporary support during the pullback. On the daily chart, the 61.8% level near $14.05 may serve as a near-term resistance target.

GMX may continue to test key resistance levels in the next 24 hours, with the potential for a consolidation or pullback following overbought conditions. Traders should remain cautious of divergences in volume and RSI as early warning signals.