Market Overview for GMX/USD Coin (GMXUSDC)

• GMX/USD Coin traded in a volatile range, breaking key resistance and forming bullish continuation patterns in the late session.
• Momentum indicators showed overbought levels by 12:00 ET, signaling possible near-term correction.
• Volatility expanded sharply during the 08:00–10:00 ET period, with volume surging at key price levels.
• Turnover diverged from price after the 14:30 ET peak, suggesting mixed conviction in the rally.
• A 61.8% Fibonacci retracement at ~14.30 appears to have provided temporary support during consolidation.

GMX/USD Coin (GMXUSDC) opened at $13.94 on 2025-09-04 at 12:00 ET and closed at $14.36 on 2025-09-05 at 12:00 ET, reaching a high of $14.49 and a low of $13.86. Total volume over 24 hours was 1,971.60, with notional turnover of $27,844.20.

Structure & Formations

The 15-minute chart revealed a strong bullish reversal pattern after a key breakdown attempt at ~13.94. A bullish engulfing pattern formed at 21:45 ET, followed by a 61.8% Fibonacci retracement at ~14.30 acting as a pivot point. A strong breakout above 14.40 occurred during the 08:00–09:00 ET period, with price forming a strong green candle that closed at 14.49, the highest of the day.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA, confirming a short-term bullish bias. For the daily chart (using 1-hour OHLCV), the 50-period MA is above the 100 and 200-period MAs, suggesting a continuation of the upward trend into the next 24 hours.

MACD & RSI

The 15-minute MACD turned positive and showed bullish divergence in the late hours of 2025-09-05, with the histogram expanding from ~0.12 to ~0.28. RSI reached 70+ levels by 08:00 ET, indicating overbought conditions. The RSI then corrected to ~58 by 15:00 ET, showing signs of a potential pullback.

Bollinger Bands

Volatility expanded during the 08:00–10:00 ET period, pushing prices outside the upper band. This expansion coincided with a sharp increase in volume and price. Price re-entered the band by 15:00 ET, with a contraction forming by 16:00 ET, suggesting a potential consolidation phase.

Volume & Turnover

Volume surged at key price levels during the 08:00–10:00 ET period, with a total volume spike of ~250 units around the 14.49 high. Notional turnover confirmed the price action during the breakout, but a divergence appeared after the 14:30 ET peak, as price continued upward while turnover remained flat. This may indicate a possible exhaustion in the rally.

Fibonacci Retracements

The 38.2% and 61.8% levels between 13.86 and 14.49 acted as both support and resistance during consolidation. Price found support at 61.8% (~14.30) during the 14:00–15:00 ET period and then pushed back above 14.40, confirming the pattern’s validity.

Backtest Hypothesis

A potential backtesting strategy could involve entering a long position on a bullish engulfing pattern confirmation and setting a stop loss just below the 13.94 support level, with a target at the 61.8% Fibonacci extension (~14.50). This would align with the momentum seen in the MACD and RSI readings during the 08:00–10:00 ET period, which suggest strong conviction in the rally. The Bollinger Band contraction following the breakout adds a layer of confirmation to the trade setup.