NewsletterHow Long Till GALA Coin Price Continues Its Bullish Recovery?
Amidst the new year recovery in the crypto market, the GALA coin price showcased a nearly perpendicular growth in the daily chart. The coin price has gained 230% since January 1st and currently trades at the $0.052 mark. However, over a week, the Gala price has been moving sideways, displaying a power struggle to surpass the monthly resistance of $0.0577. This resistance has forced a consolidation phase, and here’s how it may influence the coin’s near future price.
Key points:
- A bullish breakout from $0.07 could set the GALA coin price for a 20% jump
- A breakdown below $0.044 could prolong a bearish correction.
- The intraday trading volume in the GALA is $645 Million indicating a 106% gain.
Source-Tradingview
The GALA coin price showed several higher price rejection candles at $0.057 resistance indicating the sellers continue to defend this level. Anyhow this consolidation phase is important for Gala coin to neutralize the excessive buying from the market and check sustainability above the newly reclaimed higher levels. Moreover, the coin price has tested the $0.0577 resistance and $0.044 support sufficiently to validate it as a narrow-range formation.
Furthermore, the volume activity decreasing during this range indicates a temporary consolidation in Gala price. Therefore, if the recovery sentiment persists and the crypto market, the coin price is likely to break the overhead ceiling of $0.0577.
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A daily candle closing above the aforementioned resistance will signal the recuperated bullish momentum to lead to further price rallies. The post-breakout rally could drive the 21% higher to hit the $0.07 mark.
Technical Indicator
RSI: Amid the sideways price action, the daily-RSI slope reverted from the oversold region, indicating excessive buying is getting neutralized. However, the indicator slope should not breach the midline(50%) to maintain a bullish sentiment in the market.
Bollinger Band: the GALA price is gradually closing to the indicator’s midline, reflecting the bullish trend is stabilizing, and buyers could prepare for the next jump.
GALA CoinIntraday Price Levels
- Spot price: $0.052
- Trend: Bullish
- Volatility: High
- Resistance level- $0.0577 and $0.07
- Support level- $0.044 and 0.033
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