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GALA Price Analysis: Triangle Breakout Sets A 54% Rise In GALA Price

GALA

Published June 7, 2022

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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.

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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

GALA/USDT ChartSource- 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.

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 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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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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