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.
Trending Stories
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
- Whales Eye Litecoin Ahead Of Major Update, Here’s Why
- Just-In: Robinhood Now Supports Web3 Wallets And NFTs
- U.S. Is Winning Bitcoin Mining Race But China Still Not Out Of Picture: Report
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Just-In: Polygon (MATIC) Releases Nightfall Mainnet Beta; Here’s Why It’s A Big Deal
- Ripple (XRP) Price Jumps Over 4%, Here’s Why
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- KuCoin Lists $UST Crisis Born Stablecoin $USDD; Details
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
