Fast Recovering GALA Price Halts At $0.05 Mark, Has The Recovery Phase Ended?
On January 8th, the GALA coin price gave a massive breakout from the falling wedge pattern. This pattern displaces itself as two converging trendlines leading a downtrend until the prices break the overhead trendline. Thus, a bullish breakout could be the early sign that the selling on rallies phase has flipped into buying on dips. The post-breakout rally surged the Gala price 55% higher to reach the current price of $0.05. Will it recover ahead?
Key points:
- A bullish breakout from the $0.0455-$0.0475 resistance will set the GALA price for a 15% jump
- The 20-and-100-day EMA on the verge of bullish crossover may encourage bolster in the market
- The intraday trading volume in the GALA is $157.5 Million indicating a 447% gain.
Source- Tradingview
The release of December’s CPI data indicates the easing of US inflation which bolstered the ongoing recovery in the crypto market. Thus, with the recent recovery rally, the Gala price breached the monthly resistance of $0.0467. This breakout will further intensify the bullish momentum and encourage the resumption of a bullish rally.
However, by the price time, the daily candle has shaped into a Doji-type pattern, indicating the buying order is not sustaining at higher prices. Therefore, a possible consolidation or pullback is required to stabilize the excessive buying of Gala coins.
Also Read- Explained: What is Physical NFT? and How to Sell Physical Items as NFT
Furthermore, If the buying pressure stays high in the market, the prices will continue to hover above the breached $0.0467 level. This retest phase could offer an entry opportunity for traders and replenish the bullish momentum for further rally. Moreover, the post-breakout rally may surge the market value by 15% to surpass the $0.057 barrier.
However, a longer correction to $0.038 or $0.032 is possible if market sentiment tilts on the sellers’ side.
Technical Indicator
RSI- the daily RSI slope wavering at the oversold region indicates the buying activities were high for the given time. Thus, 88% of the indicator increases the possibility for a pullback.
EMAs: the 200-day EMA wavering around the $0.053 mark imposes significant resistance against Gala buyers
GALA intraday price levels
- Spot price: $0.0497
- Trend: Bearish
- Volatility: High
- Resistance level- $0.057 and $0.07
- Support level- $0.048 and 0.0385
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