GALA price prints gain amid the overall bullish sentiment in the crypto space. Bitcoin price gained 2.8%, and ETH rose nearly 4%. The GALA price smashed one-month highs and prepares for another leg up.
- GALA’s price remains on the top list of the coins with more than 7% gains.
- A daily close above $0.29 will encourage investors to target $0.40 next.
- The momentum oscillators support a continued push beyond $0.29 amid strong buying pressure.
Gala price set for more gains
On the daily chart, the GALA price touches the monthly highs near $0.29, levels last seen in February. Furthermore, the price crossed above the crucial 50-day EMA (Exponential Moving Average) at $0.25. Thus, the price is trading near a crucial juncture. The next move decides the future course of action.
One thing to analyze is the trend of the volumes. The trading volume remained above the average when GALA price tested the monthly highs.
Now, a daily close above the horizontal resistance level of $0.29 will pave the way for further gains in the asset. On moving higher, the first upside target could be located at the highs of February 16 at $0.35.
Next, the buyers would recapture the psychological $0.40 mark amid sustained buying momentum.
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On the other hand, a failure to break the critical resistance level along with a spike in sell order would negate the bullish theory. The interim support could be set up near the 50-day EMA at $0.25.
Moreover, the price might reverse back to the rounding support formation around $0.20 in case of heavy selling pressure.
As of publication time, GALA/USD is trading at $0.26, up 7.82% for the day. The 24-hour trading volume is holding at $1,089,227,074 with more than 180% gains.
Technical indicators:
RSI: The Relative Strength Index moves toward the overbought zone while reading at 62.
MACD: The Moving Average Convergence Divergence crawls above the midline with an upside slant.
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