NewsletterGALA Price Analysis: $0.07 Support Breakdown Tease 30% Fall in GALA
The GALA holders losing the monthly support of $0.165 released the awaiting selling momentum. The extended correction has recently breached the $0.07 support, registering a loss of 62%. If sellers show sufficient sustainability below this breached support, the follow-up downfall will hit the $0.05 psychological level.
Key points:
- The GALA price weekly chart shows six consecutive red candles.
- The daily-RSI slope slumped into the over the region
- The intraday trading volume in the GALA is $352 Million indicating a 104% gain
Source- Tradingview
For the first four months of 2022, the GALA buyers aggressively defended the $0.178-$0.166 support zone. However, the formation of new lower highs indicated the sellers were exerting higher pressure on the coin price.
As a result, on April 29th, the GALA price broke down from $0.166 support, suggesting the resumption of the prevailing downtrend. The post retest fall breached the immediate support of $0.12 and depreciated the altcoin by 55%.
Furthermore, the GALA price retests the Sep-Oct 2021 bottom support of $0.07, threatening a fallout possibility. If sellers successfully breach this bottom support, the traders may witness a freefall to the $0.05 mark, followed by $0.02.
On a contrary note, if buyers revert the altcoin from $0.07 support, the potential rally may retest the $0.12 mark. Reclaiming this flipped resistance is crucial for traders to initiate a genuine recovery.
Technical Indicator
EMAs: the expanding gap between the downsloping EMAs suggests rising pressure. In addition, the 20-day implies constant resistance to the GALA price.
RSI: the sudden price drop has pulled the daily-RSI slope into the oversold territory. However, this overextended selling indicates that altcoin may witness a minor relief rally
Stochastic RSI: A sharp drop in the K and D line suggests a rise in underlying bearish momentum with no weakness.
- Resistance level- $0.07, and $0.12
- Support level- $0.05, and $0.02
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
Related Articles
- Why is the Crypto Market Down Today? BTC, ETH, XRP Lead Drop
- SEC Crypto Task Force Hosts Financial Privacy Roundtable Today: What to Expect
- Breaking: Kevin Warsh Now Favorite to Replace Powell After Hassett’s Fed Chair Bid Faces Pushback
- First Hyperliquid ETF Launch ‘Imminent’ as Bitwise Files Amended S-1 With SEC
- XRP News: Ripple’s RLUSD Eyes Wider Adoption as Stablecoin Expands to Coinbase’s L2 Base
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
- Analyst Confirm Pi Network Price Could Still Reach $1, Here’s When?
- Is Ethereum Price Set for a Rebound as a Prominent Whale Accumulates $119M After the Dip?
- XRP Spot ETF Records Nearly $1B Inflows While BTC and ETH Bleed- Is A XRP Price Reversal Ahead?
- Bitwise SOL ETF Records 33 Days of Nonstop Inflows- Is A Recovery to $150 Possible?
