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

By Brian Bollinger
March 19, 2022 Updated March 19, 2022
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GALA

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?

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.

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

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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