Market Overview: GMX/USDC Faces Pullback Amid Weak Momentum and Key Support in Sight

Summary
• GMX/USDC drifted lower on increasing volume and turnover during a 4.5% pullback from a morning high.
• A large bearish inside bar at 8.73 suggests potential short-term resistance with waning bullish momentum.
• Bollinger Bands show moderate contraction with price near the 20-period 5-minute MA, signaling possible consolidation.
• RSI and MACD both show bearish divergence from recent price peaks, suggesting exhaustion in short-term buying.
• A 61.8% Fibonacci level at 8.61 aligns with a key support cluster, likely to be tested in the next 24 hours.

GMX/USDC opened at 8.52 on 2025-12-11 and rose to a high of 8.89 before closing at 8.61 as of 12:00 ET on 2025-12-12. Total volume for the 24-hour period was 2,218.94, with a notional turnover of ~$18,964 (GMXUSDC).

Structure & Momentum

GMX/USDC formed a bearish inside bar near the 8.73 level, which coincides with the 50-period 5-minute moving average.

This pattern often signals a potential reversal or pause in upward momentum. RSI has moved into neutral territory, but remains below 50, confirming bearish pressure. Meanwhile, MACD has crossed below the signal line, suggesting continued downward bias in the near term.

Volatility and Volume

Bollinger Bands have begun to contract following a period of expansion, with the price hovering near the middle band. This indicates a possible period of consolidation ahead. A sharp volume spike of 989.103 units occurred at 00:00 ET as price dropped from 8.64 to 8.54, highlighting a key distribution zone. The low volume in the final hours (0.0–0.0) suggests traders are waiting for clearer direction.

Key Levels and Fibonacci

Support is likely to be found at 8.61, a level that corresponds to both a 61.8% Fibonacci retracement of the morning high and a consolidation cluster in the 4 a.m.–6 a.m. window. Resistance remains at 8.73 and 8.77, where a failed attempt to hold occurred mid-evening.

The price may test this 8.61 support in the near term, but a break below would raise concerns about a deeper correction. Traders should watch for volume confirmation or rejection at these levels over the next 24 hours.