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?
- 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.
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.
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
- Just In: Latest Report On Tether’s Fund Reserves
- Crypto Proponent Outlines Catalysts For Bitcoin’s Next Bull Run, Time To Buy?
- Bitcoin Price Could Hit As Low As $7,000 Before Next All Time High: Economist
- Terra’s UST Causes A 20% Dump In DeFi Token Curve (CRV), Here’s How
- Can Tron Fill The Hole In DeFi Left By Terra?
- Terra Crash Causes Ripple Effect Among Crypto Startups, Here’s How
- Bitcoin (BTC) To Slip Further Below $29K Today, Where’s The Bottom?
- LUNA, UST Volatility Spikes As Voting On Terra Fork Begins
- Panama Delays Legalizing Crypto On This Major Factor
- Big Investors in Terra LUNA Finally Break Silence, Here’s What They Have to Say
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?