A closely watched crypto strategist believes that a decentralized exchange (DEX) altcoin is giving signals that it is about to start a bullish rally.
The trader Ali Martinez tells According to its 40,400 followers on the social media platform
“If we see a consistent three-day candlestick close above $59, this could be the trigger for a bullish rally that pushes GMX to an ambitious target of $90!”
GMX is a decentralized spot and perpetual exchange that offers up to 50x leverage. The project’s original assets are trading at $54.50 at the time of writing and are down more than 2% in the last 24 hours.
Martinez isn’t the first digital asset analyst to point out GMX’s potentially bullish pattern. Earlier this month, the pseudonymous trader known as The Crypto Dog predicted that the token could witness a nearly 90% rally if it clears its immediate resistance level.
“GMX paints a massive upside-down head and shoulders over several months… The metric gives a target of $106 for GMX.”
Looking at Bitcoin (BTC), the trader warns that the leading digital asset by market capitalization gives the impression that a trend reversal for the broader crypto markets is on the horizon.
The Inter-exchange Flow Pulse (IFP), which tracks BTC flows between different trading platforms, just fell below its 90-day average. Historically, this shift often signals a bearish turn in the crypto market!
At the time of writing, Bitcoin is worth $42,589, down more than 7% in the past 24 hours.
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Generated image: Midjourney