GMX/USDC Market Overview for 2025-10-23

• GMX/USDC traded with a 24-hour high of $10.50 and a low of $9.59, closing near $10.48.
• The pair saw a sharp sell-off in early ET hours followed by a broad consolidation and late recovery.
• Key support around $9.86 and resistance near $10.35–$10.50 marked the range-bound activity.
• Trading volume surged during the 24-hour low and intensified during late recovery.
• RSI showed overbought levels near the close, suggesting potential near-term profit-taking pressure.

At 12:00 ET–1 on October 22, GMX/USDC opened at $10.18 and closed at $10.48 by 12:00 ET on October 23, with a daily high of $10.50 and a low of $9.59. Total volume across the 24-hour window was 3,194.90, with notional turnover reaching $31,640. The pair exhibited a volatile session with clear intraday support and resistance zones.

Structure & Formations

Price found key support at $9.86 during the sharp sell-off in early ET hours, followed by a rally to test resistance at $10.35 and $10.48. A bearish engulfing pattern formed at the 21:00 ET session on October 22, followed by a bullish flag pattern in the late ET hours. A doji at $10.40 on October 23 suggested indecision and potential reversal. These formations signal a possible continuation of the current range but with increasing bullish bias.

Moving Averages

On the 15-minute chart, the 20-period MA moved from below to above the 50-period MA, crossing positively in the final hour, indicating short-term bullish momentum. On the daily chart, the 50-period MA continues to trend upward, crossing above the 200-period MA for a potential golden cross, while the 100-period MA remains within a tight consolidation phase.

MACD & RSI

The MACD line crossed above the signal line just before 10:00 ET, confirming a bullish crossover. RSI reached overbought territory (70+) near the session's end, indicating potential for profit-taking or a minor pullback. However, the RSI’s quick re-entry into overbought levels suggests strong demand at higher prices.

Bollinger Bands

Volatility expanded sharply during the early sell-off, with price dropping below the lower band. Following a consolidation phase, price reentered the upper band at the close, suggesting increased buying pressure. This expansion may continue if bullish momentum holds.

Volume & Turnover

Volume spiked dramatically during the 21:15 ET session on October 22, with a notional value of $6,583, coinciding with a sharp drop to $9.75. Late in the session, volume picked up again during the rally, peaking at $1,050 during the 03:30 ET hour on October 23. Notional turnover also rose sharply in the final hour, confirming the bullish breakout.

Fibonacci Retracements

On the 15-minute chart, price retraced to the 61.8% level from the low at $9.59 to the high at $10.50 during the late ET rally. The 38.2% retracement at $10.29 provided a key support level earlier in the session. On the daily chart, the 50% and 61.8% retracements align with $10.40 and $10.50, respectively, marking current resistance levels.

Backtest Hypothesis

The recent overbought RSI levels observed in the closing hours suggest a potential entry point for a mean-reversion strategy. An RSI-based event study using a 14-day RSI (starting from January 1, 2022) could help identify patterns where RSI exceeds 70 and whether these instances are followed by price corrections. However, due to the absence of data for GMXUSDC, we need to clarify which symbol to use for the backtest—GMX-USD or GMXUSDT. Once resolved, the hypothesis can be tested for effectiveness in predicting short-term reversals in GMX price action.