GMX/USD Coin Market Overview

• GMX/USD Coin surged to $15.10 before consolidating near $14.98 amid increased volume and momentum.
• Price broke above a key resistance cluster near $14.92–$14.95, triggering a bullish continuation.
• MACD and RSI signaled strong upward momentum, with RSI trending into overbought territory.
• Volatility expanded in the late ET hours, with Bollinger Bands widening and price trading near the upper band.
• Turnover diverged from price during the $15.00–$15.10 rally, suggesting a potential slowdown ahead.

At 12:00 ET on 2025-09-10, GMX/USD Coin (GMXUSDC) opened at $14.42, reached a high of $15.10, and closed at $14.98 after trading between $14.40 and $15.10. Total 24-hour volume was 1,504.77 units, with a notional turnover of $22,547.35. The price action reflected aggressive buying pressure and a clear breakout from prior resistance.

Structure & Formations

Price moved in a clear ascending wave from ~$14.40 to ~$15.10, forming a bullish flag pattern on the 15-minute chart. A key support level appeared at $14.40–$14.45, which was tested multiple times without breakdown. A strong bullish engulfing pattern emerged at 02:45 ET, followed by a confirmed breakout at $14.92–$14.95, indicating a high probability of further upward continuation. A large bullish hammer at 03:00 ET confirmed buying interest at key support.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs were both bullish, with price consistently trading above both. The 50-period SMA was at ~$14.65 and rising, while the 20-period was at ~$14.80. On the daily chart (24-hour), the 50-period SMA was at ~$14.55, and the 200-period SMA at ~$14.40. This suggests a strong short-to-medium-term bullish bias.

MACD & RSI

The MACD crossed above zero during the morning ET hours, confirming the bullish reversal. MACD remained in positive territory throughout, with a rising histogram from 06:00 ET onward. RSI surged to 72 by 13:30 ET, entering overbought territory and hinting at a potential near-term consolidation or pullback. Divergence appeared between price and RSI in the $15.00–$15.10 range, suggesting a potential pause in the momentum.

Bollinger Bands

Volatility expanded significantly in the late ET and overnight hours, with Bollinger Bands widening to a width of ~$0.30. Price traded near the upper band throughout the session, indicating overbought conditions and strong bullish conviction. A contraction in band width occurred briefly between 02:00–03:00 ET, followed by a breakout. The current position at the upper band suggests continued pressure to the upside unless buyers fatigue.

Volume & Turnover

Volume spiked during the late ET and overnight hours, particularly between 02:00 and 04:00 ET, with a massive 620.907 units traded at 19:45 ET. Turnover surged in tandem, with the highest notional volume observed during the $15.00–$15.10 move, although price failed to close near the highs, suggesting some exhaustion. A divergence between rising price and slowing turnover in the $15.00–$15.10 range implies a potential consolidation phase ahead.

Fibonacci Retracements

Applying Fibonacci to the key 15-minute swing from $14.40 to $15.10, the 38.2% retracement level (~$14.82) held as support before price pushed higher. The 61.8% level (~$14.73) was briefly tested but rejected. On a daily basis, the 38.2% retracement of the recent up-leg from $14.40 to $15.10 is at ~$14.82, aligning with immediate support.

Backtest Hypothesis

The backtesting strategy involves a breakout entry above the 15-minute 50-period SMA combined with a bullish MACD crossover and RSI above 50. Stops are placed at the 38.2% Fibonacci retracement level, with targets at the 61.8% and 100% extensions. Given the current position near the upper Bollinger Band and the overbought RSI, a modification might include a pullback trigger at the 50-period SMA or a 5% retest of the breakout level before entering long. This approach would filter false breakouts and align with the observed consolidation patterns in the dataset.