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Following the April-May downfall, the GALA price witnessed a short consolidation above the $0.6 level. The consolidation formed a symmetrical triangle pattern which should bolster the upcoming rally. However, the interested need to wait for a triangle breakout before positioning their funds.
Key points:
- The symmetrical triangle pattern acts as a no-trading zone.
- The 20-day EMA may restrict triangle breakout
- The intraday trading volume in the GALA is $1 Billion indicating a 50% gain
Source-Tradingview
The GALA sellers breached the January low support($x) on April 26th indicating the extension of the ongoing downtrend. The post-retest fall boasted by May bloodbath slumped the altcoin by 71%, as it reached a low of $0.0494.
Furthermore, the new buyers entering this discounted price have caused a minor consolidation above the $0.06 mark. The wavering price shows the formation of a symmetrical triangle pattern.
The GALA price is narrowing within this range for three weeks now, suggesting the traders may soon witness a breakout. Moreover, this triangle holds the possibility to breach either of the trendlines.
If GALA price pierced the overhead trendline, the buyers would drive the price 112% higher to the $0.163 mark. However, the altcoin need to reclaims the $0.77 resistance to indicate a genuine recovery.
On the flip side, a possible fallout from the triangle will plan a revisit to the $0.5 psychological mark.
Technical Indicator
The Daily-RSI slope shows a gradual bullish recovery with the support of a 14-day SMA. The values cross into the nearly overbought zone and represent a retest phase of the broken halfway line.
However, a bearish sequence of the 20-and-50-day EMAs represents a correction phase in motion. Moreover, the falling ADX projects a fall in trend momentum which lowers the possibility of a bullish breakout.
- Resistance level- $0.13, and $0.165
- Support level- $0.074, and $0.05
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