NewsletterGALA Price Analysis: Rising RSI Foretells Breakout of $0.07 Resistance
While several cryptocurrencies have significantly recovered in the past two months, the GALA price struggles to escape its consolidation phase. This range of barriers is spread from $0.07 to $0.046. Furthermore, another fundamental perk of GALA is the launch announcement of GALA film by partnering with Stick Figure Productions. This news should attract more buyers to the market, encouraging a bullish breakout from $0.07.
Key points:
- The GALA price needs a $0.07 breakout to end price consolidation
- The daily-RSI slope shows an evident bullish divergence
- The intraday trading volume in the GALA is $479.2 Million indicating a 4.1% loss.
Source- Tradingview
Amid the July-end recovery, the GALA price rebounded from the $0.046 support and surged 45.1% higher to hit the $0.067 supply zone. While the crypto market is still struggling with uncertainty as Bitcoin showcased failed attempts to surpass $24000, the GALA price has been wavering below the aforementioned barriers.
If the selling pressure persists, the GALA price may revert from the $0.067 resistance and trigger another bear cycle within the range-bound rally. Moreover, a breakdown below the in-between support of the $0.058 mark would give better confirmation for a bearish reversal.
Thus, the anticipated reversal may plunge the GALA price 26.6% down to revisit the $0.046.
Be part of the next phase of #Web3 entertainment 👇 https://t.co/WigLQcMj82
— Gala Games (@GoGalaGames) August 9, 2022
On a contrary note, if the buyers manage to break the overhead resistance and provide a daily candlestick closing above $0.7, the range breakout would accelerate bullish momentum. The resulting bull run may drive the altcoin 28% higher to the $0.09 mark.
Technical Indicator
RSI indicator: the Daily-RSI slope shows a bullish divergence with price action since Mid may indicate a strengthening of bullish sentiment. Thus, this divergence suggests the price should eventually break out from the $0.07 resistance.
Bollinger Band indicator: the coin price trading above the midline indicates the buyers hold an upper hand. However, the indicator’s upper band wobbling near the $0.007 supply zone provides an additional hurdle against price recovery.
- Resistance level- $0.07 and $0.09
- Support levels- $0.0582, and $0.0517
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