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In response to a falling wedge pattern, the Gala token price witnessed a directional downfall for the past eight months. During this fall, the coin prices have reverted from the pattern converging trendline multiple times, indicating the traders are actively responding to this pattern and would do the same for its potential target. Here’s how this pattern may influence Gala’s future price.
Key points:
- A bullish breakout from the falling wedge pattern trendline sets GALA price for a bullish rally to $0.09
- The RSI slope, which reflects the strength of current price action, has surged into the overbought region, indicating the need for a short correction to stabilize the price trend.
- The intraday trading volume in the GALA is $157.5 Million indicating a 447% gain.
Source-Tradingview
During the formation of a falling wedge pattern, the price action continues to wobble between two converging trendlines. Therefore, the price spread gets narrow inside the pattern indicating the inability of the sellers to carry a deeper downfall. However, this losing bearish momentum would eventually breach the resistance trendline, offering a recovery opportunity for traders.
With the recent new year recovery in the crypto market, the GALA price rebounded from the $0.0155 mark and witnessed a perpendicular rally. Furthermore, the price jump breached multiple resistances and soared 211% within a fortnight.
The GALA price currently trades at the $0.048 mark, as the recent bull run has pierced the long-coming wedge pattern and, most recently, the $0.0456 horizontal resistance. Moreover, the massive jump in volume activity indicates that buyers are strongly committed to the price recovery.
Also read: Top Crypto Discord Servers/Groups Worth Joining In 2023
However, such a sharp recovery is unhealthy for a sustained trend, and therefore, the coin price may witness a minor pullback or consolidation above the breached trendline before the resumption of the forward march. The interested trades can find entry opportunities during the potential pullback.
Anyhow, in an ideal bullish condition, the trendline breakout may lead a price rally to the top swing high of the pattern, which is $0.09 for GALA.
Technical Indicator
MACD: The increasing gap between the MACD and the signal reflect the strong buying momentum in the market.
Bollinger band: the rising price breached the upper band of this indicator, projecting the overextended growth in the short-term and also the need for possible correction.
GALA Coin intraday price levels
- Spot price: $0.045
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.057 and $0.07
- Support level- $0.048 and 0.039
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