NewsletterGALA Price Analysis: Hidden RSI Divergence Hints Accumulation Phase In GALA Price
The GALA/USDT technical chart indicates an overall bearish tendency, where the coin has recently formed a new lower low at $0.155. However, the bulls indicate strong interest in this discounted GALA price, sustaining the alt above $0.18. Furthermore, a rising RSI slope encourages the bulls to initiate a recovery rally above $0.22 resistance.
Key technical points:
- The daily-RSI signals rise in underlying bullish momentum.
- The intraday trading volume in the GALA is $314.2 Million, indicating a 27% loss.
Source- Tradingview
During the late second week of January, the GALA/USD showed an 18% relive rally from the $3 support. However, the recent bloodbath in the crypto market took a significant toll on GALA price and tumbled the alt by 50% to the $0.18 mark.
The buyers managed to defend this support, displaying long wicks at the bottom. However, they are still struggling to surpass the $0.22 resistance, resulting in a range-bound movement for the past two weeks.
Despite sideways price action, the Relative Strength Index(38) slope rallies higher, regaining the 14-SMA. Increasing strength among buyers indicates a more likely upside breakout.
However, the downsloping 50-SMA indicates bears are dominating. Moreover, the coin chart offers a 50 and 100 SMA bearish crossover, encouraging sellers to rally south.
The GALA Price Resonates In A Symmetrical Triangle Pattern
Source- GALA/USD chart by Tradingview
The consolidation in price shows a symmetrical triangle pattern in the 4-hour time frame chart. This pattern could provide an excellent directional move to crypto traders once the price breakout from either side trendline.
Concerning the bullish indicator from daily RSI, an upside breakout of the triangle would lead the price to an immediate target of $0.22. However, this overhead resistance is crucial for buyers to initiate a genuine recovery rally.
- Resistance levels- $0.22 and $.027
- Support levels- $0.18 and $0.155
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
- Bitcoin to Drop to $10K? Bloomberg Analyst Makes Bold Prediction
- U.S. Banks May Soon Issue Stablecoins as FDIC Proposes GENIUS Act Framework
- Breaking: U.S. SEC Ends Four-Year Investigation Into Aave Amid Ongoing DAO Saga
- Breaking: U.S. Jobs Data Comes In Above Expectations, Bitcoin Price Rises
- Bitcoin Risks Deeper Fall on $20 Billion Crypto Hedge Fund Redemptions
- Solana Price Outlook After Charles Schwab Adds SOL Futures — What Next?
- Pi Network Stares at a 20% Crash as Whale Buying Pauses and Demand Dries
- Here’s How Dogecoin Price Could Rise After Crossing $0.20
- Is XRP Price Headed for $1.5 as Whales Dump 1.18B XRP in Just Four Weeks?
- 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
