Technical analysis by SaltSugar about Symbol GMX: Buy recommendation (10/23/2023)

Long GMX/USDT D1 (R/R = 3) Long GMX Entry - from current price level (around 39). TP1 - 50 (30%) TP2 - 55-56 (50%) TP3 - 70 (20%). Technical analysis. 1/ Capitulation on 17, Aug on decent volume (low - $28) 2/ failure of printing new lows below $28. Weakness on downward movement with no significant volume resulting in failure to print new lows below $28. That's the point where one should seek for signs of reversal. But there's still no entry point. 3/ On 20, Oct we witnessed an enormous volume but on rather small-spread green candle. As for me, that's enough to have a good long setup: - There's a trigger for entry - HLs and HHs (that's that I want to see as a long price action) - POC - as a stop-loss level (pretty tight stop) - a lot of room to grow up. No significant pressure until 50-55 level. Fundamentals. No need to present this alt. No.1 perpDEX (TVL-wise; like dYdX) which is constantly in top 5-10 projects in terms of fee generating. And it's very important to search for projects that generates positive cash-flow on a daily-weekly basis.