The overall trend for the GALA token is still bullish, and the minor correction phase in the token seems to be obtaining good support from the 0.5 FIB level. The token price is currently trading at the $0.52 mark, indicating an intraday gain of 8.39%. However, the price needs to breach the $0.56 resistance to better confirm a recovery phase.
Key technical points:
- The 20-day EMA providing strong support to GALA price
- The intraday trading volume in the GALA token is $953.4 Million, indicating a 14.96% loss.
Source- GALA/USD chart by Tradingview
The last time when we covered an article on GALA/USD, the token price plunged to the 0.5 Fibonacci retracement level where it indicates intense demand pressure with several lower price rejection candles.
Trending Stories
However, even though the token managed to give a bullish breakout from the Flag pattern, the price is still struggling to cross the nearest horizontal resistance level of $0.575-$0.56.
The token price maintains a strong uptrend as per the crucial EMA levels(20, 50, 100, and 200). Moreover, the daily Relative Strength Index(56) sustained above the neutral zone even in this minor correction phase.
GALA/USD 4-hour Time Frame Chart
Source- GALA/USD chart by Tradingview
In this lower time frame chart, the GALA token has revealed an ascending triangle pattern in the 4-hour time frame chart. The neckline for this pattern is at the $0.56 mark, and the crypto traders should get an excellent long opportunity when the price gives a bullish breakout from this overhead resistance.
The MACD indicator’s lines are on the doorstep of its neutral zone(0.0), and if they manage to jump above this middle line, these traders will get extra confirmation for this bullish pattern.
- Terra LUNA 2.0 Price Falls By Over 60% Hours After Airdrop
- What Is Terra LUNA 2.0, Here’s All You Need To Know
- Whales Accumulating These DeFi Tokens Amid Price Crash
- This Analyst Predicts A Bitcoin Bottom Before Bullish Momentum
- Terra Team Officially Activates Terra 2.0 Pheonix-1 mainnet, Here Are the Details
- Tron’s TRX Burn Total Exceeds 7.7 Billion
- Tron Stablecoin Reaches Key Milestone Amid Bearish Trends
- Binance Italy Gets Govt Nod, Global Expansion Goes On
- Just In: Russia Inches Closer To Crypto Adoption With Latest Move
- Ethereum Classic (ETC) Soars 9% As ETH Crashes, Here’s Why
- CRV Price Analysis: Dual Trendline Limits The CRV Bull Run
- DOT Price Analysis: Uncertainty Over DOT Price May End With Trendline Breakout
- ERON Price Analysis: Emerging Bullish Pattern Foretells 65% Rise In ERON
- AAVE Price Analysis : $95 Breakdown Rease 25% Fall In AAVE Price
- Sandbox Price Analysis: High Volume Breakout Aims SAND To Hit $2.6
- MATIC Price Analysis: Bullish Influence Grows on Consolidation
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
