GALA Price Prediction: Early Reversal Signs Tease A Bullish Breakout From $0.27 Resistance

By Brian Bollinger
Gala Games Hack Update: Binance Discusses Recovery Plans

The GALA/USD pair pressurized from the descending has dropped to $0.2 support. The buyers have managed to hold the coin price above this support for a month. Can the rising bullish momentum encourage buyers to surge above the resistance trendline?

Advertisement
Advertisement

Key points: 

  • The GALA price gives multiple tests to the $0.2 weekly support
  • The intraday trading volume in the GALA is $670.7 Million indicating a 22.81% rise.

TradingView ChartSource- Tradingview

The GALA/USDT pair continues to display low volatility price action hovering above $0.21. For almost a month, the price has been wobbling within the $0.27-$0.21 range. The recent bounce back from the bottom support has surged the altcoin by 10.8%

The GALA price currently exchanges hands at the $0.23 mark, with an intraday gain of 2%. It may soon retest the highly influential resistance trendline, teasing for another bearish reversal. The higher price rejection attached to the daily candle hints the sellers continue to defend this level.

The possible reversal would sink the altcoin back to $0.21 support and threaten a follow-up breakdown. If they succeed, the GALA price may revisit the January low of $0.155.

Conversely, if the buyers breakout from the descending trendline and sustain above the $0.275 mark. The renewed buying pressure could pump the price to $0.36 to $0.4 mark.

Advertisement
Advertisement

Technical Indicator

The Relative Strength Index(50) indicates a neutral tendency among the traders. However, the slight inclination in the RSI slope suggests the bulls try to strengthen their grip.

The negative alignment within the 20, 50, and 100-day EMAs shares a bearish bias. A bullish breakout from the $0.27 would also engulf the 50 and 100-day EMA, giving an additional advantage to long traders.

  • Resistance level- $0.27, and $0.36
  • Support level- $0.21, and $0.18
Advertisement
Brian Bollinger
From the past 5 years I am 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. Reach out to me at brian (at) coingape.com
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.