At 5:53 am EST today, September 18, GMX’s price is $33, with a slight increase of 2% in the last 24 hours. Also, GMX recorded price gains of 7% over the last seven days as buyers continued to force a rally.
The release of the GMX Version 2 funds earlier in September and other exciting developments within the ecosystem in the past week are likely driving its price gains.
🚀1/ Introducing Our Fresh Lineup of @GMX_IO V2 Funds: Your Gateway to Pro LP Strategies Unveiled!
— Solv Protocol|✈️ token2049 (@SolvProtocol) September 7, 2023
Furthermore, the upcoming release of the GMLP and its integration with GMX Version 2 will likely influence GMX’s price positively.
The Cartel has been working on a new asset that directly enhances what’s possible with GMX V2.
— ╼╾ Nitro Cartel ╼╾ (@nitrocartel) September 14, 2023
However, investors now speculate on how these developments will affect the rally.
GMLP Impending Launch Improves GMX Ecosystem. Will it Drive More Price Gains?
On September 14, an Arbitrium-focused DAO, Nitro Cartel, stated that they have been working on a new feature, GMLP, that adds more functions to the GMX V2. According to Nitro Cartel, GMX introduced the Version 2 platform with a GM pool similar to the standard liquidity providers in DeFi.
GMX introduced their V2 platform with GM pools. These pools are more similar to standard LPs across DeFi than GLP which was introduced in GMX V1.
This shift serves to enhance capital efficiency, optionality and risk management for GMX across all V2 markets.
— ╼╾ Nitro Cartel ╼╾ (@nitrocartel) September 14, 2023
They believe the shift to version 2 will enhance capital efficiency, risk management, and more options for GMX across various markets. However, accessing the diverse assets via the GM pool is quite technical. Users must purchase GM pool assets individually and choose how to handle different pairs.
So, GMLP simplifies this process, allowing users to purchase a share of all GM pools with one click. Also, the LP rewards are automatically combined for investors.
GMLP offers users easy exposure to multiple pools, a massive improvement for the GMX version 2 liquidity pools. According to Nitro Cartel, this update will launch in Q4, 2023, bringing exposure, multi-chain integrations, and auto-compounded yield.
Based on GMX’s status as a top decentralized sport and perpetual exchange, this feature will likely lead to a long-term surge in its $GMX tokens, above 30% in the next quarter.
However, carefully analyzing its price chart could reveal the present investors’ sentiment controlling its price.
GMX Buyers Attempt to Break Out of Sideways Trend: Is a Prolonged Rally Ahead?
GMX shows a slight improvement from yesterday’s price slump, forming a green candle on the daily chart with a long upper wick. Despite the Gravestone Doji forming yesterday, September 17, the buyers forced a rally today.
Also, the upper wick of today’s candle is close to the upper Bollinger Band (BB), expressing a bullish sentiment and confirming an increase in buying pressure.
Furthermore, the Relative Strength Index (RSI) is 43.99, but it moves out of the neutral zone as the buyers re-enter the market.
Also, the Moving Average Convergence/Divergence (MACD) displays a buy signal, confirmed by the green Histogram bars.
Based on the indicators, GMX is likely moving into an uptrend. However, its ability to overcome its closest resistance level will prove critical to further price gains for the asset.
Buyers Test $33.4 Resistance to Force A Rally. Will it Work?
GMX has found support at the $31.9 support level, preventing a downtrend for the asset since September 13. The upper wick of today’s candle has broken above the $33.4 resistance level, showing rising interest from buyers.
A break above this resistance level will move GMX to the next realistic profit target of $34.9. GMX will likely rally in the coming days if the buyers sustain their pressure on its price and the RSI indicator moves above 50.
However, traders must wait for today’s closing price to confirm if the rally will continue. While GMX daily chart analysis shows uncertainty, investors can consider BTCBSC’s ongoing presales for short-term rewards.
Bitcoin BSC – Crypto Project with Long-Term Value
Bitcoin BSC ($BTCBSC) is a fresh opportunity in the cryptocurrency scene, stirring investors’ interest due to its distinctive features.
The project’s roadmap is refreshingly direct. It starts with the presale, which is currently underway, along with the staking process. The next milestone is the token launch and its listing on the BNB smart chain.
As we eagerly await the presale’s culmination and the impending launch, the staking option remains open for investors looking to get involved.
Today, September 18, the staking dashboard reveals that over 1.3 million BTCBSC tokens are staked, with an estimated annual yield (APY) of 190%.
Notably, these rewards will become claimable after the official token launch or after a seven-day wait period and credited based on individual stakes.
BTCBSC Soars Above $2.7 Million, Pressing Forward to Hard Cap Soon
Each BTCBSC token is worth $0.99 during this presale, mirroring Bitcoin’s 2011 price value. The presale has realized over $2.7 million since its launch and is fast approaching its goal of $3.96 million.
Furthermore, BTCBSC developed a referral program granting investors a channel for additional rewards.
🌟Secure passive earnings with #BitcoinBSC!
Stake your #Tokens in our smart contract and receive a reward of 69% of the token supply every 10 minutes!
Lock withdrawals for 7 days and enjoy benefits based on your pool share.
— Bitcoinbsc (@Bitcoinbsctoken) September 18, 2023
Users can invite their friends to join the presale and earn 5% of the tokens purchased by their referrals. Exciting prospects lie ahead for BTCBSC, and after the presale phase concludes, the Bitcoin BSC team plans to list the token on a decentralized exchange.
Investors should take advantage of the presales before BTCBSC lists and a potential price increase occurs.
So, interested investors can make instant BTCBSC purchases by connecting their wallets to the official website and utilizing cryptocurrencies such as BNB, ETH, or USDT.
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