GALA Price Analysis: GALA Bulls Need To Break This Resistance To Move Past $0.56
GALA price rebounded from the $0.18 support with a morning star candle and surged 108% after hitting the monthly resistance of the $0.38 mark. The reason for such swift recovery in GALA price could be multiple factors like the launch of new games and features on the protocol, Several new partnerships(888innercircle, Betwixt) helping GALA grow its community and user base. Nonetheless, the growing popularity of the P2P gaming sector has attracted new players in the market.
Key technical points
- The daily-RSI slope plunge above the equilibrium
- The intraday trading volume in the GALA is $1.8 Billion, indicating a 12% loss.
GALA/USD: 4-hour time frame chart
Source- Tradingview
If GALA buyers rebound from $0.3 or $.175 support, it indicates the bulls are accumulating at these levels, and the price is likely to trend higher. However, a breakout and closing above the $0.4 resistance is required for better confirmation of recovery. If bulls could sustain the above $0.4 mark, the altcoin would rise to the next target of $0.56
Gradually increasing slope of the average directional index(48) indicator suggest a strengthening of the buying power.
In our recent coverage on GALA/USD technical analysis, Coingape summarized the sudden recovery in GALA price, which doubled in just five trading days. On February 7th, the GALA coin buyers were trying to breach the shared resistance of $0.38-$0.4 and 100-day MA, but the sellers defended this level with vigor, rejecting the altcoin with a higher price rejection.
Source-tradingveiw
The daily candles show considerable wicks on the higher side from the past few days, indicating bears are selling on higher levels. If they succeed, GALA coin is expected to slide to $0.3 or $0.17.
The daily-Relative Strength index(61) surged above the neutral zone, indicating bullish sentiment among the market traders.
- Resistance levels- $0.38-$0.4 and $0.56
- Support levels- $0.3 and $0.17
- Ethereum’s Vitalik Buterin Responds to Allegations of Excessive Control By ETH Inner Circle
- Solana News: Gemini Launches SOL Edition Credit Card Following XRP Card Success
- Bitget US Stock Futures Trading Volume Surpasses $200 Million
- Binance Founder CZ Predicts Bitcoin Will Flip Gold’s $30 Trillion Market
- Trump Tariffs: U.S. President Threatens 155% Tariff on China, Bitcoin Falls
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
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.
