NewsletterGALA Price Analysis: Will This Pattern Breakout Lead To Longer Price Recovery?
The GALA prices shoot up with a double bottom breakout and a high possibility of a bullish crossover in the EMAs. Thus, the uptrend breaks above $0.060 and prepares to reach the overhead resistance of $0.069 as the buying pressure increases for the gaming token. Should you consider entering this breakout rally, or will the candle closing fail to sustain above the neckline?
Key points:
- The GALA price exceeds the double bottom’s neckline at $0.063.
- The 20-day EMA prepares to cross above the 50-day EMA.
- The intraday trading volume in the GALA is $479.2 Million indicating a 4.1% loss.
Source- Tradingview
The GALA sellers overtook the trend control on July 19, resulting in a downtrend from the 50-day EMA resulting in a price drop of 20% to reach the bottom support at $0.046. Moreover, the bearish trend even broke the 20-day EMA, but the buyers quickly regained trend momentum resulting in a V shape reversal.
The bullish reversal from $0.046 led to the formation of a double bottom pattern in the daily chat with the neckline at the $0.058 mark.
Today the bullish growth of 5.02% drove the GALA prices above the neckline resulting in a bullish breakout. Furthermore, the V-shaped reversal increases the bullish influence over the 50 and 20 EMA, teasing a crossover event.
Therefore, if the daily candle closes above the neckline at $0.063, the breakout rally might succeed in reaching the overhead resistance at $0.069.
Conversely, higher price rejection in the daily candle driving it below the neckline will nullify the breakout rally.
Technical Indicator
RSI indicator: The Daily-RSI slope shows a bullish trend in motion spiking above the halfway line, reflecting an increase in the underlying bullishness. Moreover, the positive trend in the 14-day SMA reflects a solid bullish momentum.
EMAS: The bullish crossover of the 20 and 50-day EMA will result in an increase in buying pressure.
- Resistance level- $0.069 and $0.80
- Support levels- $0.059, and $0.051
- Binance’s CZ Vows U.S. Investment If DOJ Fine Is Reversed Following Presidential Pardon
- Shiba Inu Joins Bitcoin and Ethereum as Japan Approves SHIB for Green List Trading
- Experts Turn Bullish on XRP as Franklin Templeton ETF Launches on November 18
- Tom Lee Warns Bitcoin Drop Is From A Market Maker Hole, Says ETH Trend Unchanged
- Japan’s ¥17 Trillion Stimulus Plan: A Turning Point for Global Liquidity Shifts
- Ethereum Price Outlook: Will Bulls Defend $3,000 Support Level?
- Litecoin Price: With a 12% Surge and Pearson BTC Correlation at –0.01, Is LTC Gearing Up for $125?
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
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.
Premium Partners
