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The three-week consolidation in GALA price has a signal recovery opportunity as it gives a bullish breakout from the symmetrical triangle pattern. Today, altcoin offers a long entry opportunity with its retest phase, but traders could wait for a daily candle closing above the descending trendline for better confirmation.
Key points:
- Triangle pattern breakout may bring relief rally in GALA
- The 20 DMA assists buyers in sustaining the triangle breakout
- The intraday trading volume in the GALA is $1 Billion indicating a 50% gain
Source- Tradingview
The April-may downfall slumped the GALA/USDT pair to a low of $0.495, registering an 82.8% loss. Furthermore, with growing uncertainty in the crypto market, the altcoin started to move lateral direction.
This consolidation eventually reflected a symmetrical triangle pattern, offering an excellent trading setup. However, despite being a continuation pattern for the prevailing trend, it holds a significant possibility to break out on either side.
Thus, on June 6th, the GALA price gave a decision to break out from the pattern’s resistance trendline, indicating a recovery opportunity for coin holders. However, the altcoin has dropped 11% today and retested the flipped trendline support.
If the daily candlestick closes above the descending trendline, the interested can find a long entry opportunity. Following the retest, the GALA price is expected to rise 54.3% higher to reach the $0.12 psychological level.
Alternatively, a failed retest may plunge the coin price back into a triangle and keep the fallout possibility on the cards.
Technical Indicator
The Daily-RSI slope has been gradually rising since the consolidation phase began three- weeks ago, indicating growth in bullish momentum. This slope may soon enter the bullish territory providing better confirmation for long traders.
Along with triangle breakout, the coin price also reclaims the 20 DMA slope. This additional support may bolster buyers to drive the bullish rally.
- Resistance level- $0.13, and $0.165
- Support level- $0.0734, and $0.05
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