GALA Price Analysis: $0.07 Support Breakdown Tease 30% Fall in GALA
The GALA holders losing the monthly support of $0.165 released the awaiting selling momentum. The extended correction has recently breached the $0.07 support, registering a loss of 62%. If sellers show sufficient sustainability below this breached support, the follow-up downfall will hit the $0.05 psychological level.
Key points:
- The GALA price weekly chart shows six consecutive red candles.
- The daily-RSI slope slumped into the over the region
- The intraday trading volume in the GALA is $352 Million indicating a 104% gain
Source- Tradingview
For the first four months of 2022, the GALA buyers aggressively defended the $0.178-$0.166 support zone. However, the formation of new lower highs indicated the sellers were exerting higher pressure on the coin price.
As a result, on April 29th, the GALA price broke down from $0.166 support, suggesting the resumption of the prevailing downtrend. The post retest fall breached the immediate support of $0.12 and depreciated the altcoin by 55%.
Furthermore, the GALA price retests the Sep-Oct 2021 bottom support of $0.07, threatening a fallout possibility. If sellers successfully breach this bottom support, the traders may witness a freefall to the $0.05 mark, followed by $0.02.
On a contrary note, if buyers revert the altcoin from $0.07 support, the potential rally may retest the $0.12 mark. Reclaiming this flipped resistance is crucial for traders to initiate a genuine recovery.
Technical Indicator
EMAs: the expanding gap between the downsloping EMAs suggests rising pressure. In addition, the 20-day implies constant resistance to the GALA price.
RSI: the sudden price drop has pulled the daily-RSI slope into the oversold territory. However, this overextended selling indicates that altcoin may witness a minor relief rally
Stochastic RSI: A sharp drop in the K and D line suggests a rise in underlying bearish momentum with no weakness.
- Resistance level- $0.07, and $0.12
- Support level- $0.05, and $0.02
- USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure
- SEC to Decide on Six Spot XRP ETF Applications in October
- Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL
- Ethereum Exchange Supply Drops 52% as $3,700 Liquidation Risk Grows
- XRP News: mXRP Vault Surpasses $22M as Investors Capitalize on Staking Rewards
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
