Market Overview for GMX/USDC on 2025-12-10

Summary
• GMX/USDC tested key support near $8.92 and bounced in late trading hours.
• Volume surged during the breakdown, confirming bearish sentiment.
• RSI signaled oversold conditions, suggesting potential short-term bounce.
• Price remains below both 20-period and 50-period moving averages on 5-min chart.

GMX/USDC opened at $9.10 on 2025-12-09 at 12:00 ET, reached a high of $9.32, dropped to a low of $8.92, and closed at $8.92 on 2025-12-10 at 12:00 ET. Total 24-hour volume amounted to 3,022.61 units with a notional turnover of $27,041.48.

Structure & Formations

Price action showed a strong bearish breakdown below $9.00 during the early hours of the 24-hour period. A key support level emerged around $8.92, where price found a floor and consolidated. A bearish engulfing pattern appeared at the onset of the breakdown, confirming the shift in sentiment. A doji formed around $8.94–$8.96, indicating indecision and possible reversal.

Technical Indicators

The 5-minute chart shows both 20-period and 50-period moving averages below the closing price, reflecting a bearish bias. MACD crossed below the signal line, reinforcing the downtrend. RSI bottomed near 28, signaling oversold territory, which could trigger a bounce in the short term.

Volatility & Volume

Volatility expanded during the breakdown, particularly between 20:00 and 02:00 ET. Bollinger Bands widened, reflecting increased market uncertainty. Notably, the volume surged during the breakdown to $8.92, confirming the bearish move. However, price action failed to show follow-through above key resistance levels in the later hours, suggesting limited upside potential without fresh volume.

Fibonacci Retracements

Fibonacci levels applied to the recent 5-minute swing from $9.18 to $8.92 highlight potential bounce zones at 38.2% ($8.98) and 61.8% ($9.05). Price remains below both levels, but the consolidation near $8.92 may set up a test of the 50% retracement level.

Price may find near-term support around $8.92–$8.94 and could test the 38.2% retracement at $8.98. A sustained move above $9.05 could indicate a short-term reversal, but without significant volume confirmation, bearish pressure may persist. Investors should monitor for a break below $8.92 or a strong bullish reversal pattern to signal further direction.