The 50 DMA aligned with a descending trendline carries a steep downward rally for the GALA price. The coin holders fell through multiple support levels and reached a low of $0.0487. However, the recent fakeout from the previous support breakdown of $0.075 has increased the buyer’s tension and may potentially kickstart a fresh bull rally.
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Key points:
- GALA price tags along the 50 lpDMA offer dynamic resistance
- About 72% price drop since April 1st
- The intraday trading volume in the GALA is $359 Million indicating a 12.98% gain
Source- Tradingview
The GALA price resumed its downfall, witnessing a sharp drop since 28th March. Since the price has closely followed, the 20 DMA acts as a dynamic resistance while piercing through multiple support levels.
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Moreover, the GALA price had recently breached the $0.075 support level for a moment before taking support at its current level. Over the past seven weeks, the GALA price tumbled by 72% marking its recent low at $0.0487Z’a
The GALA price presently trades at $0.079, which is a crucial support zone considering the same was used as key support back in Sep ‘21 – Nov ‘21. Therefore, buyers can treat this as an excellent opportunity to kickstart a fresh rally as the same support was the initiator of the steep rally experienced in Nov ‘21.
Under a strong bullish scenario, the buyers have the potential to breach the dynamic resistance, triggering a potential recovery rally.
However, if the price slips below the $0.075 support, the bullish thesis will be invalid.
Technical Indicator
A sideways rally in the daily-RSI slope indicates the buyers are strengthening their grip over the coin concerning the declining price action. This bullish divergence may assist buyers in reclaiming the overhead resistance trendline.
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However, the 50 DMA and descending trend confluence mount a troublesome hurdle for GALA buyers. Moreover, a bearish alignment among the downsloping DMAs(20, 50, 100, and 200).
- Resistance level- $0.124, and $0.181
- Support level- $0.075, and $0.047
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