GMX Price Forecast: Team Breaks Down $40M Hack Impact – What’s Next for the Crypto?

GMX faces a critical moment as its team dissects the aftermath of a $40 million security breach. The decentralized trading platform's native token hangs in the balance—will traders see this as a buying opportunity or a red flag?

Market watchers are split. Some see the transparent post-mortem as bullish for long-term credibility. Others note the hack exposes lingering DeFi growing pains—'bank robbers prefer digital safes these days,' quipped one hedge fund manager.

Technical charts show GMX testing key support levels. The team's swift response could determine whether this becomes a footnote or a full-blown crisis. One thing's certain: in crypto, nine-figure hacks aren't dealbreakers—they're stress tests.

GMX crypto price analysis

The daily chart shows that GMX peaked at $18.11 in June before reversing sharply. That local high aligned with the 23.6% Fibonacci retracement level.

Since then, the token has broken below key support at $12.63, a level that previously held on May 6 and June 23. GMX also fell beneath both the 50-day and 100-day moving averages, further reinforcing bearish momentum.

The path of least resistance now points lower. The next target for sellers is the year-to-date low of $9.70. A break below that level WOULD open the door to further downside, potentially toward $8.