Claim BonusGALA Price Analysis: $0.075 Fakeout Triggers A Potential Recovery
A descending trendline initiated in early April carried a significant correction rally for GALA/USDT pair. As a result, the coin holders lost significant support levels and reached a low of $0.048. However, a fakeout from the last support breakdown of $0.075 has increased the bullish tension and may kickstart a recovery rally.
Key points:
- The descending trendline offers dynamic resistance to GALA price
- The intraday trading volume in the GALA is $1 Billion indicating a 50% gain
Source- Tradingview
On April 6th, the GALA price broke down from the ascending support trendline, carrying the last quarter’s recovery rally. However, the renewed selling pressure trigged a steady downtrend, piercing through multiple support levels one after another.
Furthermore, the GALA price had recently breached the $0.074 support level, indicating that the sellers are preparing for further downfall. Over the past six weeks, the GALA price tumbled by 83% and has marked its current low at $0.0487.
However, the sellers failed to sustain the GALA price below the $0.07 mark, resulting in a support fakeout. This bear trapped punished the aggressive seller who took the breakdown entry, and their forced liquidation fueled today’s price jump.
Currently, the GALA price trades at the $0.099 mark, displaying a 45.6% intraday pump. If buyers continue to push the price higher, the altcoin will retest the aligned support of the descending trendline, 20-day EMA, and $0.13 level.
However, until the resistance trendline is intact, the altcoin will continue to bleed and may drop below $0.078.
Conversely, the buyers would breach the dynamics resistance under an unexpected bullish scenario, triggering a potential recovery rally.
Technical Indicator
The Daily-RSI slope escaped from the overbought region bolsters the recovery theory.
However, a bearish sequence among the declining EMAs(20, 50, 100, and 200) indicates the potential rally would face multiple resistance ahead.
- Resistance level- $0.13, and $0.165
- Support level- $0.074, and $0.05
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