Following the hammer candle on Monday, the GALA/USDT pair goes green today, displaying a 2.5% intraday gain. The sustained buying should allow traders to rechallenge the local resistance at $0.27, opening the path to the February high($0.4) mark.
Key points:
- The GALA price forming a morning star candle for descending trendline retest
- The intraday trading volume in the GALA is $719.4 Million indicating a 9.34% loss.
Source- Tradingview
For the past three months, the GALA sellers have been very responsive during the downtrend rallies, allowing short sellers to enter new positions. The recent bear cycle dumped the altcoin to the $0.21 mark, displaying a 45% loss from the February high($0.362).
The buyers bounced back from this support with a morning star candle but failed to surpass the flipped resistance of the $0.277 mark. Despite a sluggish price action, the GALA price gave a bullish breakout from the descending trendline on March 19th, providing the first signal to recovery.
The breakout candle tagged the 50-day EMA and turned down to retest the breached resistance. The morning star candle formation at retest suggests prior resistance has switched to support.
Trending Stories
The potential rally could spike 65%, hitting the $0.4 mark.
Conversely, if the altcoin slips below the descending trendline, it would indicate the .current breakout was a bear trap, and coin price could sink to the January low of $0.15
Technical Indicator
Contrary to GALA price action, the RSI indicator slope(48) makes higher highs, suggesting the buyers strengthen their grip.
The Bollinger band range narrowing emphasizes the short-range in GALA price. Furthermore, the altcoin reverted from the upper band and slumped to the midline. This neutral level could bolster the buyers to rebound from the $0.23 support.
- resistance level- $0.27, and $0.36
- Support level- $0.21 and $0.15
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- Just-In: PlanB Reveals Bitcoin S2F Prediction For 2024 Halving
- Heavy Outflows Force Investors to Seek Refuge In Multi-crypto Investment Products
- PlanB: When Will Bitcoin (BTC) Price Cross $500K?
- Case Study: P2E Gaming Projects Tackling The Barriers To Web3 Mass Adoption
- Just-In: Indian Central Bank Head Bashes Crypto After Latest Crash
- This Top Crypto Exchange Offers To Support Burning Terra (LUNA)
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?