How Long Till GALA Coin Price Continues Its Bullish Recovery?
Amidst the new year recovery in the crypto market, the GALA coin price showcased a nearly perpendicular growth in the daily chart. The coin price has gained 230% since January 1st and currently trades at the $0.052 mark. However, over a week, the Gala price has been moving sideways, displaying a power struggle to surpass the monthly resistance of $0.0577. This resistance has forced a consolidation phase, and here’s how it may influence the coin’s near future price.
Key points:
- A bullish breakout from $0.07 could set the GALA coin price for a 20% jump
- A breakdown below $0.044 could prolong a bearish correction.
- The intraday trading volume in the GALA is $645 Million indicating a 106% gain.
Source-Tradingview
The GALA coin price showed several higher price rejection candles at $0.057 resistance indicating the sellers continue to defend this level. Anyhow this consolidation phase is important for Gala coin to neutralize the excessive buying from the market and check sustainability above the newly reclaimed higher levels. Moreover, the coin price has tested the $0.0577 resistance and $0.044 support sufficiently to validate it as a narrow-range formation.
Furthermore, the volume activity decreasing during this range indicates a temporary consolidation in Gala price. Therefore, if the recovery sentiment persists and the crypto market, the coin price is likely to break the overhead ceiling of $0.0577.
Also Read: Top 10 DeFi Lending Platforms In 2023
A daily candle closing above the aforementioned resistance will signal the recuperated bullish momentum to lead to further price rallies. The post-breakout rally could drive the 21% higher to hit the $0.07 mark.
Technical Indicator
RSI: Amid the sideways price action, the daily-RSI slope reverted from the oversold region, indicating excessive buying is getting neutralized. However, the indicator slope should not breach the midline(50%) to maintain a bullish sentiment in the market.
Bollinger Band: the GALA price is gradually closing to the indicator’s midline, reflecting the bullish trend is stabilizing, and buyers could prepare for the next jump.
GALA CoinIntraday Price Levels
- Spot price: $0.052
- Trend: Bullish
- Volatility: High
- Resistance level- $0.0577 and $0.07
- Support level- $0.044 and 0.033
- Ethereum Exchange Supply Drops 52% as $3,700 Liquidation Risk Grows
- XRP News: mXRP Vault Surpasses $22M as Investors Capitalize on Staking Rewards
- Galaxy Digital CEO Calls Next Fed Chair Bitcoin’s Bull Catalyst, Sets $200K BTC Target
- Experts Claim Bitcoin Crash to $94,334 Ahead As BTC Dominance Rebounds
- Expert Explains Pi Network–Sign Meeting, Says It Could Trigger Binance Listing
- 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.
