Market Overview: GMX/USDC Nears Daily High After Early Morning Breakout

Summary
• GMX/USDC tested key support at $8.36, finding temporary rejection and rebounding strongly into the early morning hours.
• Momentum improved as RSI crossed above 50 and MACD turned positive, suggesting renewed bullish bias.
• Bollinger Band contraction during the 5:45–6:45 ET period hinted at low volatility before a sharp breakout.
• Notional turnover surged in the 00:45–03:45 ET window, coinciding with a 7.3% price gain.

At 12:00 ET on 2025-12-15, GMX/USDC opened at $8.47 and reached a 24-hour high of $8.59 before closing at $8.57. Total volume for the 24-hour period was 2,043.53 GMX, with a notional turnover of approximately $17,275.

Structure & Formations

The pair found strong support at the $8.36 level, which coincided with the 38.2% Fibonacci retracement of a prior 5-minute swing. A bullish engulfing pattern emerged after 00:15 ET, followed by a confirmed breakout above the upper Bollinger Band.

Moving Averages

On the 5-minute chart, price held above both the 20-EMA and 50-EMA throughout the session, suggesting momentum in favor of the bulls. Daily moving averages are not provided, but intraday momentum supports a near-term continuation pattern.

Momentum and Volatility

RSI improved steadily from the mid-40s to above 50, confirming the bullish bias. MACD turned positive during the 00:45–01:45 ET window and remained above the signal line. Bollinger Bands tightened briefly before the breakout, indicating a potential for expansion.

Volume and Turnover

Trading volume surged during the 00:45–03:45 ET period, with turnover spiking due to aggressive buying in the $8.40–$8.52 range. No significant divergence between volume and price was observed, suggesting solid conviction behind the move.

Looking ahead, GMX/USDC may test the $8.60–$8.65 resistance range over the next 24 hours. A close above $8.60 could confirm a new bullish trend, but investors should watch for signs of overbought conditions or volume divergence.