NewsletterGALA Price Analysis: The GALA Token Marks $0.836 As A New All-Time High; Will It Break This Level As Well?
The GALA token price is continuing to sail north, and in just two weeks, it has increased by approximately 900%. Despite the fact that the token has reached a new all-time high of $0.836, no significant amount of sell signals have been observed, indicating that bulls remain in control. The token will soon retest this new higher resistance level, potentially creating a new entry point for traders.
Key technical points:
- The GALA token chart obtains dynamic support from the 20 EMA of a 4-hour time frame chart.
- The GALA token’s intraday trading volume is $5.2 billion, representing a 2.3% gain.
Source- GALA/USD chart by Tradingview
As mentioned in my previous article on GALA/USD, the GALA price had reached the $0.038 mark, which was approximately 300% up from the November start. However, the rally did stop there, and with a new week the oken also spike as new as ever and has marked a new All-Time High at $0.0836 mark.
The GALA price is trading high above the crucial EMAs (20, 50, 100, and 200), indicating a super bullish trend in this token. Furthermore, the Relative Strength Index (75) reflects a positive attitude toward the token. However, a bearish divergence chart near the overbought region is concerning.
GALA/USD 4-hour Time Frame Chart
Source- GALA/USD chart by Tradingview
This lower time chart shows a steady rally in GALA price with new higher highs one after another. The technical chart displays some minor consolidation phases across this rally, which are just small breaks before continuing to rise higher.
Thus, in similar ways, the token price was recently rejected from the $0.836 mark and plunged to the $0.62 level. The token obtained good support from this level and by offering a bullish engulfing candle, the price is ready to rechallene the previous higher high.
If the price manages to breach this overhead resistance as well, The rally will continue and we might see the $1 mark soon.
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