NewsletterGALA Price Analysis: Will This Pattern Breakout Lead To Longer Price Recovery?
The GALA prices shoot up with a double bottom breakout and a high possibility of a bullish crossover in the EMAs. Thus, the uptrend breaks above $0.060 and prepares to reach the overhead resistance of $0.069 as the buying pressure increases for the gaming token. Should you consider entering this breakout rally, or will the candle closing fail to sustain above the neckline?
Key points:
- The GALA price exceeds the double bottom’s neckline at $0.063.
- The 20-day EMA prepares to cross above the 50-day EMA.
- The intraday trading volume in the GALA is $479.2 Million indicating a 4.1% loss.
Source- Tradingview
The GALA sellers overtook the trend control on July 19, resulting in a downtrend from the 50-day EMA resulting in a price drop of 20% to reach the bottom support at $0.046. Moreover, the bearish trend even broke the 20-day EMA, but the buyers quickly regained trend momentum resulting in a V shape reversal.
The bullish reversal from $0.046 led to the formation of a double bottom pattern in the daily chat with the neckline at the $0.058 mark.
Today the bullish growth of 5.02% drove the GALA prices above the neckline resulting in a bullish breakout. Furthermore, the V-shaped reversal increases the bullish influence over the 50 and 20 EMA, teasing a crossover event.
Therefore, if the daily candle closes above the neckline at $0.063, the breakout rally might succeed in reaching the overhead resistance at $0.069.
Conversely, higher price rejection in the daily candle driving it below the neckline will nullify the breakout rally.
Technical Indicator
RSI indicator: The Daily-RSI slope shows a bullish trend in motion spiking above the halfway line, reflecting an increase in the underlying bullishness. Moreover, the positive trend in the 14-day SMA reflects a solid bullish momentum.
EMAS: The bullish crossover of the 20 and 50-day EMA will result in an increase in buying pressure.
- Resistance level- $0.069 and $0.80
- Support levels- $0.059, and $0.051
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