GMX’s fees and revenue declined sharply, but price action remained bullish. Active users also went down, and on-chain performance was concerning. The latest data from Dune revealed that since 10 November, GMX’s volume plummeted from a 90% market dominance to 40%. 1/2 Is the perp market zero sum?♻️ Since Nov 10th, GMX volume has gone […]
A look at the token’s daily chart revealed a few market indicators that supported the possibility of a continued surge. For instance, the Exponential Moving Average Ribbon pointed out a bullish advantage in the market as the 20-day EMA was resting above the 55-day EMA.’s Relative Strength Index registered a minute uptick and was still above the neutral mark, which looked optimistic. However, the rest of the indicators suggested otherwise.
declined sharply over the last month. The decline might have caused the network’s revenue to plummet as well.Sentiments on the token also remained pretty negative for the majority of the time last month, as evident from its weighted sentiments. The token’s volume declined, suggesting less interest from investors in trading the token. Additionally, GMX’s network growth plummeted, which too spelled trouble.Subscribe to get it daily in your inbox.
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