GMX DAO spent about $120,000 last week to buy back 15,390 GMX at an average price of $7.80. The current price is $7.61, which has already fallen below the buyback cost line. The project team continues to buy back, suggesting there is real demand around this price level—so $7.80 can be used as a reference.
In the short term, if the price can hold steadily around $7.61 and then rebound back to $7.80, it would indicate the buyback support is working. Conversely, if it keeps being pushed down below $7.80 and sells off with increasing volume, be careful that the buyback strength may not be enough to provide a solid floor. In the past 24 hours, it’s down 8.4%, and sentiment is relatively weak. Next, it will come down to how price action plays out within the $7.61–$7.80 range. #GMX
In the short term, if the price can hold steadily around $7.61 and then rebound back to $7.80, it would indicate the buyback support is working. Conversely, if it keeps being pushed down below $7.80 and sells off with increasing volume, be careful that the buyback strength may not be enough to provide a solid floor. In the past 24 hours, it’s down 8.4%, and sentiment is relatively weak. Next, it will come down to how price action plays out within the $7.61–$7.80 range. #GMX