GMX/USDC Market Overview for 2025-10-10

• GMX/USDC surged from $13.65 to $14.22 over the 24-hour period, closing at $14.19 with strong momentum.
• Price formed key bullish patterns such as hammer and bullish engulfing patterns in the late ET afternoon.
• Volatility spiked during the 18:00–20:00 ET window, with heavy volume confirming the break above prior resistance.
• RSI reached overbought territory near 75, while MACD crossed into positive territory with strong bullish divergence.
• Bollinger Bands widened significantly after 19:00 ET, signaling increased uncertainty and potential for a consolidation or breakout.

At 12:00 ET on 2025-10-10, GMX/USDC opened at $13.65, surged to a high of $14.22, and closed at $14.19. Total volume for the 24-hour period was 14,095.11 units, with a notional turnover of $190,718.27. The pair demonstrated strong bullish momentum, with key resistance levels breached and volume surging during key price waves.

Structure & Formations

The price of GMX/USDC formed a series of bullish candlestick patterns, including a bullish engulfing at 19:30 ET and a hammer at 18:45 ET, signaling a strong reversal from a short-term decline. A key resistance level was confirmed at $14.19, where the pair found support and bounced off after a brief consolidation. Support levels held at $13.74, $13.66, and $13.65, with the latter providing a solid base for the rally. A bearish divergence was noted at 20:00 ET, but this was quickly reversed with strong buying pressure.

Moving Averages

The 15-minute chart saw price trade well above its 20-period (20SMA) and 50-period (50SMA) moving averages, suggesting short-term bullish bias. On the daily chart, the 50DMA and 100DMA were closely aligned, indicating a potential trend continuation or a bullish breakout scenario. The 200DMA acted as a strong floor, with the price bouncing off it in the early morning session.

MACD & RSI

The MACD turned sharply positive around 19:00 ET, confirming a bullish momentum shift. A bullish crossover occurred at 19:30 ET, with the histogram widening thereafter. The RSI reached overbought levels (75–80) during the late evening surge, suggesting a potential pullback in the near term. However, the RSI did not show signs of top divergence, implying continued buying pressure could carry through the next 24 hours.

Bollinger Bands

Bollinger Bands expanded significantly after 19:00 ET, reflecting increased volatility and positioning activity. The price remained near the upper band for most of the session, indicating strong bullish sentiment. A contraction was observed just before the surge, suggesting a potential breakout pattern was forming. The current volatility regime suggests higher chances of extended movement, either bullish or bearish, depending on next-day order flow.

Volume & Turnover

Volume spiked significantly between 18:00 and 20:00 ET, coinciding with the breakout above $14.16. Total volume for the 24-hour window reached 14,095.11 units, with notional turnover at $190,718.27, indicating active institutional and retail participation. Notably, price and volume moved in tandem, reinforcing the strength of the breakout. No significant divergences were observed, which is a positive sign for continuation of the current trend.

Fibonacci Retracements

Applying Fibonacci levels to the 15-minute chart, the 61.8% retracement level of the recent move was at $14.04, which was briefly tested and rejected. On the daily chart, the 38.2% and 61.8% retracements of the major swing from $13.1 to $14.22 were $13.65 and $14.04, respectively. The price held well above both levels, suggesting a higher probability of a continuation above $14.16.

Backtest Hypothesis

Given the observed patterns, the 15-minute chart suggests a potential breakout strategy could be viable. A backtest hypothesis could involve entering long on a confirmed close above the upper Bollinger Band (which occurred around 19:45 ET) and exiting after a pullback to the 50SMA or a bearish divergence in the RSI. This approach would leverage the strong momentum and volume confirmation observed during the breakout phase. The strategy assumes a short-term holding period of 4–6 hours with a stop-loss placed below the $13.82 support level.