Resumed Recovery In GALA Price Aims For 22% Rise; Enter Now?
The ongoing consolidation in Gala coin price showcases the formation of an ascending triangle pattern. The emergence of this strong bullish continuation pattern indicates the coin price has a higher possibility of resuming the bullish time. Here’s how this bullish pattern could influence the Gala coin’s future price and how you can profit from it
Key Points:
- A bullish breakout from $0.07 would recuperate the bullish momentum for a higher recovery
- A bullish crossover between the 50-and-100-day EMA brings more buying orders for GALA price
- The intraday trading volume in the GALA is $529 Million indicating a 26% gain.
Source-Tradingview
In the first two weeks of 2023, the GALA price witnessed a perpendicular growth which surged its market value 250% from the January 1st low($0.015). However, the bullish rally hit the $0.0558 monthly resistance and turned sideways immediately as market sentiment showed signs of exhausted bullish momentum.
Over the last two weeks, the lateral walk showed several higher price rejection candles at this resistance, indicating the sellers are defending this level. However, in the 4-hour time frame, this consolidation phase shaped into an ascending triangle pattern.
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Furthermore, the coin price witnessed a significant inflow today and breached the $0.0558 neckline resistance of the triangle pattern. By the press time, the GALA price trades at $0.058 and shows a 10% intraday gain.
If the daily candle closes above $0.057, this prior resistance will likely flip into suitable support to bolster a further bullish rally. Thus, the post-breakout rally may surge the GALA price 22% higher to hit the $0.0706 mark.
On a contrary note, if the coin price continues to show signs of higher price rejection, a breakdown below the triangle pattern trendline will offset the bullish thesis.
Technical Indicator
MACD: the MACD(Blue) and signal(orange) slopes offering positive crossover high in bullish territory indicate the aggressive buying activity in the market.
EMAs: the GALA price breached the 200-day EMA slope With the recent price jump, obtaining additional support for buyers to prolong the price rally.
GALA Intraday Price Levels
- Spot price: $0.058
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.07 and $0.089
- Support level- $0.044 and 0.033
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