Market Overview for GMX/USDC on 2026-01-16

Summary
• GMX/USDC tested key support at $7.87, rebounding with a bullish reversal candle.
• Momentum diverged after midday, with RSI signaling potential overbought conditions.
• Bollinger Band contraction suggests low volatility, but a breakout appears imminent.
• Notional turnover surged near 8:00 ET, coinciding with a sharp rebound from $7.87.

GMX/USDC opened at $7.89 at 12:00 ET − 1 and traded between $7.79 and $7.96 before closing at $7.87 at 12:00 ET today. Total volume was 1,807.93, and notional turnover reached $14,155.99 over the 24-hour window.

Structure & Formations

Price tested $7.87 multiple times, forming a bullish reversal pattern on the 5-minute chart after a sharp drop. A strong green candle confirmed the support level. Resistance appears to have shifted to $7.95, where price briefly stalled before retreating. A doji formed at $7.91, signaling indecision and potential consolidation ahead.

Moving Averages and Momentum

A 50-period moving average on the 5-minute chart crossed above the 20-period line, suggesting short-term bullish momentum. However, RSI reached overbought territory above 70 during the late-night rebound, hinting at potential pullback. MACD showed a narrow histogram with a positive crossover, reinforcing the possibility of a bounce.

Volatility and Bollinger Bands

Bollinger Bands had been compressing throughout the day, indicating low volatility, but the late rebound pushed price toward the upper band, suggesting a potential breakout. The widening of the bands during the $7.87–$7.96 move may signal increased uncertainty ahead.

Volume and Turnover

Volume surged near 8:00 ET when price rebounded from $7.87, coinciding with a large-volume candle and $2,320 notional turnover. This suggests accumulation or aggressive buying. Divergence between price and volume was observed after 8:00 ET, with price continuing higher while volume waned, possibly foreshadowing a consolidation phase.

Fibonacci Retracements

The $7.87–$7.96 swing saw a 61.8% retracement at $7.91, where price briefly stalled. A 38.2% retest at $7.88 appears to have acted as support earlier in the day, validating key Fibonacci levels as potential turning points for the next 24 hours.

Price may test $7.91–$7.95 as the next resistance cluster, and a break above could signal a retesting of the day’s high. However, overbought RSI and waning volume may constrain further upside, suggesting a cautious approach ahead of the next 24 hours.