GALA 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
- 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.
