The price of GMX increased by 40% after it was listed on Binance.

In Brief

On October 5, GMX reached a new high of $60.45 after Binance announced its listing.

The RSI accelerated, hitting the overbought zone, indicating a large concentration of buyers.

If the bullish setup fails, a drop below the $44 and $37 support levels is possible.

The price of GMX increased by 40% after it was listed on Binance.

The native token of localized exchange (DEX) GMX surged shortly to a record high of $60.45 once listing news from Binance on Oct. 5.

At the time of press and amid rising interest from traders counting on the project’s growth, the token saw a 39% bump within the span of simply a number of hours.

GMX may be a DEX that permits users to trade spot and perpetual futures victimization through its on-chain mercantilism interface at low fees. The DEX is based on Arbitrum and Avalanche, and it allows users to borrow up to 30x their initial margin in order to expand futures betting. GMX receives aggregate costs for its assets victimization Chainlink value oracles.

Binance listing followed by retail high spirits

A Binance diary disclosed that the exchange is about to list GMX within the Innovation Zone and can open mercantilism for its BTC, BUSD, and USDT trading pairs at 10:00 UT on Oct.5.

Binance users have started depositing GMX in preparation for trading, whereas withdrawals opened at 10:00 UTC on Oct. 5.

In bicycle-built-for-two with the listing revelation, GMX additionally saw heightened social interest. knowledge from LunarCrush highlighted that within the current prime ten coins, GMX took the second spot right once Dogecoin.

The current top 10 coins by LunarCrush AlternativeRank™ are:

🥇 $doge
🥈 #gmx
🥉 $xrp
4️⃣ $hnt
5️⃣ $nest
6️⃣ $cult
7️⃣ $egld
8️⃣ $rndr
9️⃣ $cvx
🔟 #metahero

AltRank™ measures a coin's performance relative to the entire #crypto market.

More Insights: https://t.co/pPjGuxb4NO pic.twitter.com/ysbp37Qdrl

— LunarCrush (@LunarCrush) October 5, 2022

The said ranking measures a coin’s performance relative to the complete crypto market.

TVL and value on the increase

a glance at GMX’s price chart highlighted heightened retail high spirits because the altcoin spiked nearly 50% in barely one day. The RSI took off, coming into the overbought zone and presenting a high concentration of buyers.

GMX/USDT | Source: TradingView

The token has recently created several similar 1-day value rallies to require it higher than key resistance levels.

Furthermore, knowledge from DeFiLlama highlighted a healthy transaction in GMX’s total worth fastened that stood at incomparable high levels of $814.17 million.

GMX TVL and Market Capitalization | Source: DeFiLlama

However, the project’s market cap was however to witness the same surge and oscillated at $320 million.

within the close to term, if retailers keep the high spirits alive, the token will doubtless still rally. However, if the optimistic setup fails, a pullback to the $44 and probably the $37 support levels might be expected.