GMX/USDC Market Overview

• GMX/USDC rallied 4.13% over 24 hours, surging to $15.62.
• Strong bullish momentum seen via rising RSI and positive MACD crossover.
• Volatility increased as Bollinger Bands widened following a key breakout.
• Volume surged in the last 8 hours, confirming the bullish price action.
• No major bearish patterns observed, with buyers dominating key resistance levels.

GMX/USDC opened at $14.95 on 2025-09-12 at 12:00 ET and closed at $15.62 on 2025-09-13 at 12:00 ET. The pair reached a high of $15.68 and a low of $14.95, with a total 24-hour volume of 4,795.918 and turnover of ~$73,474.09 (based on GMX/USDC pricing).

Structure & Formations

The 15-minute chart revealed a strong bullish bias after breaking out of a consolidation range. Key support levels were identified at $15.13 and $14.98, with the latter acting as a critical base for the upward move. Resistance levels at $15.40 and $15.60 were cleanly breached, with the price surging past $15.62 near the end of the 24-hour window. A notable bullish engulfing pattern emerged during the 2025-09-13 01:45–02:00 ET timeframe, indicating a shift in sentiment to the bullish side. A doji appeared briefly around $15.39 at 03:15 ET, suggesting short-term indecision but not halting the upward momentum.

Moving Averages

On the 15-minute timeframe, the price consistently traded above the 20-period and 50-period moving averages, reinforcing the bullish trend. For the daily chart (using 50/100/200-period MAs), the price is comfortably above all three, indicating a medium-term bullish bias with no signs of a near-term correction. The 50-day MA is currently at ~$15.15, offering initial dynamic support, while the 200-day MA is near $14.85, a level not reached in the current 24-hour period.

MACD & RSI

MACD showed a strong bullish crossover in the early hours of the morning (2025-09-13 01:00–03:00 ET), followed by a sustained positive trend, suggesting ongoing momentum. The RSI climbed into overbought territory (75–85 range) in the final hours, but remained within historical bounds, indicating strong buyer participation. No clear bearish divergence was noted between RSI and price during this period, supporting the likelihood of further upward movement.

Bollinger Bands

Volatility increased significantly as the price broke through the upper Bollinger Band multiple times between $15.40 and $15.68. A volatility contraction was observed earlier in the 24-hour window (2025-09-12 19:00–20:00 ET), which preceded the breakout. Currently, the price is trading near the upper band on the 15-minute timeframe, suggesting continued high volatility and bullish pressure.

Volume & Turnover

Volume was relatively low during the first half of the 24-hour period but spiked sharply during the 05:00–07:00 ET timeframe and again in the last 8 hours. Total turnover reached ~$73,474.09, with no material divergence between price and volume. This confirms the strength of the bullish trend, particularly after the $15.40 and $15.60 levels were breached.

Fibonacci Retracements

Fibonacci levels applied to the recent 15-minute swing (from $14.95 to $15.62) highlighted key retracement levels. The 61.8% level at $15.35 served as a minor support during a pullback, while the 78.6% level (~$15.48) acted as a key area of consolidation. On the daily chart, Fibonacci levels from a longer-term swing (not fully visible in the provided 24-hour dataset) suggested a potential target near $15.75–15.80 if this bullish trend continues.

Backtest Hypothesis

The recent price action supports a backtesting strategy based on breakout and momentum signals. Given the strong MACD crossover and RSI overbought readings, a potential entry point could be considered near the breakout of key resistance levels. A long position taken on the confirmation of the bullish engulfing pattern at $15.40–15.45 would align with the observed trend. Stop-loss placement just below $15.13 and target levels at $15.65–15.70 would form a balanced risk-reward setup. This approach, if tested on historical data, may reveal the effectiveness of combining Fibonacci retracement levels with momentum-based indicators for a short-to-medium term bullish trade.