A closely watched cryptocurrency strategist believes that decentralized exchange (DEX) altcoins are showing signs that they could begin a bullish rally.
Trader Ali Martinez says His 40,400 followers on social media platform
“A consistent 3-day candle close above $59 could trigger a bullish rally that could push GMX towards its ambitious target of $90!”
GMX is a decentralized spot and perpetual exchange offering up to 50x leverage. The project’s underlying asset is trading at $54.50 at the time of this writing, down more than 2% in the last 24 hours.
Martinez is not the first digital asset analyst to point out a potential bullish pattern in GMX. Earlier this month, an anonymous trader known as The Crypto Dog predicted that the token could rally nearly 90% if it clears its immediate resistance levels.
“GMX is pictured head and shoulders above multiple months…Measurement rules provide a $106 target for GMX.”
Looking at Bitcoin (BTC) as a trader warn Major digital assets by market capitalization are interpreting that a trend reversal in the broader cryptocurrency market is imminent.
The Inter-exchange Flow Pulse (IFP), which tracks BTC flows between various trading platforms, fell below its 90-day average. Historically, these changes often signal a bearish turn in the cryptocurrency market!
As of this writing, the value of Bitcoin is $42,589, down more than 7% in the last 24 hours.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
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