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The GALA token price is going through a usual correction phase after its remarkable rally in November. Furthermore, the price is plunged to the 0.5 FIB level and is trying to sustain above. The crypto traders would get a better confirmation resuming this rally when the token breaks out from the bullish pattern.
Key technical points:
- The 20-day EMA providing strong support to GALA price
- The intraday trading volume in the GALA token is $1.1 Billion, indicating a 3.68% gain.
Source- GALA/USD chart by Tradingview
The last time when we covered an article on GALA/USD, the token price marked $8.4 as the New All-Time High on its technical chart. After obtaining strong rejection from this new resistance, the price entered a correction phase and lost 40% in almost two weeks. The token is currently plunged to the 0.5 Fibonacci retracement level and indicates strong demand pressure with several lower price rejection candles.
The crucial EMA levels(20, 50, 100, and 200) sustain a bullish sentiment for this token as its price is trading above all of them. The Relative Strength Index(53) displays a steady downtrend in the chart approaching the oversold zone.
GALA/USD 4-hour Time Frame Chart
Source- GALA/USD chart by Tradingview
For the correction phase mentioned above, the GALA price has revealed a Flag pattern in the 4-hour time frame chart. The price is currently resonating between the two descending trendlines leading to this short-term downtrend. Thus, the crypto traders should wait for the price to breach the overhead resistance trendline, which would provide them an excellent long entry opportunity.
The MACD indicator’s lines have started approaching the neutral zone from below. If they manage to jump above this middle line, the crypto traders will get an extra confirmation for a bull rally.
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