GALA Price Jumps Another 17% Today; Is The Bullish Trend Continuing?

On January 8th, the GALA coin price gave a decisive breakout from a seven-month-long falling wedge pattern. The post-breakout rally surged the altcoin to $0.544, registering an 81% gain in the last 10 days. Amid this recovery, the buyers showed strong commitment by evident volume rise and assisted this coin in sustaining higher levels. The coin price is currently approaching another resistance of $0.057, which could offer an entry opportunity to sidelined traders.

Key points:

• The long lower price rejection candle at the $0.046 level validates the sustainability above this newly obtained support.
• A potential breakout from $0.057 could intensify the ongoing bullish momentum.
• The intraday trading volume in the GALA is $529 Million indicating a 26% gain.

Source-Tradingview

With the ongoing recovery rally piercing another crucial resistance level of $0.057, the coin buyers obtain a higher footing to extend a bullish recovery. The GALA price maintains a strong sense of recovery by using each resistance breakout as a stepping stone to reach higher levels.

Today, the Gaming token jumped 17% from the recently breached $0.0467, indicating a strong follow-up of the recent breakout. Thus, with sustained buying, the coin price should rise 6.5% to hit the next resistance of the $0.057 mark. 

A daily candle closing about the mentioned resistance will offer another entry opportunity for interested traders and higher gains in the coming days. In theory, the wedge pattern breakout has set a potential target to the higher swing top of the pattern, which for the GALA price is $0.09.

Also Read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT

However, on January 14th, the daily candle showed long wick rejection near $0.056-$0.053, indicating the prices are currently wavering at a high supply zone.

This, the trader should be cautious of $0.57 resistance as any more rejection sign at this level could increase the chance of a bearish reversal. Anyhow, after such a massive price rally is minor pullback would be healthy to maintain a sustained

Technical Indicator

MACD: The wide gap between the rising MACD and signal line reflect an aggressive buying market. 

EMAs: the 200-day EMA wavering around the $0.053 mark increases the resistance power of the overhead supply zone.

GALA Intraday Price Levels

• Spot price: $0.054
• Trend: Bullish
• Volatility: Low
• Resistance level- $0.0576 and $0.07
• Support level- $0.0456 and 0.038