Published June 14, 2022
With last week’s downfall cooling off, the GALA/USDT pair witnessed a short recovery today but struggles to rise above the $0.070 level. The bullish struggle warns of a post-retest reversal that may shortly drive the prices below $0.50. Will the buyers withstand another bearish attack, or is a downfall inevitable?
The GALA sellers experience a boost in selling pressure as the global market takes a hit over the week. As a result, the market value drops drastically by 36% over the week, resulting in a price drop under the crucial support trendline.
The failure of the ascending trendline to withstand the selling pressure leads to the symmetrical triangle pattern fallout. The fallout rally dives under $0.070 to test the buyers at the next psychological barrier at the $0.050 mark.
However, the start of a week cools off the selling spree and helps buyers capitalize on the halt at $0.050, resulting in the formation of a morning star pattern. The bullish reversal struggles to surpass the $0.070 and showcases a retest phase in action.
The GALA price action shows a higher price rejection in the daily candle, evident by the long-wick formation. Hence, traders can expect a post-retest reversal rally challenging the perseverance of buyers at $0.050.
If altcoin pierces the psychological support, the sellers will drive the price 33% lower to the $0.04 mark.
On the flip side, the bullish rally surpassing the $0.070 mark will reach the overhead resistance at $0.12.
The Daily-RSI slope shows an uptrend in action generating a bullish divergence with the price action displayed by the support trendline. Moreover, the V-Shaped reversal preparing to surpass the 14-day average displays strength in the underlying bullishness.
The 20-day EMA keeps the bullish growth in check as it provides dynamic resistance at multiple spots.
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