Gala saw an impressive gain this week after witnessing several losses in the past weeks. It aims to tap higher levels, but the current buying volume is low. We can expect an increase if buyers keep showing up.
Earlier this year, GALA saw a 300% rally to the high of $0.063 before dropping due to sharp rejection. It later corrected lower after days of consolidation.
The correction provided about a 50% discount in the space of a month, which made the price decline to $0.03 – the lowest price since January 9. This low level produced a rebound with over 15% gains in two weeks.
It tapped $0.045 yesterday, but the price fell after facing resistance. However, the buyers have managed to regroup above the $0.036 level today. If they keep pushing strong, the asset could fully recover to where it initiated a sell in January.
One thing to consider for a bullish reversal is the higher high and higher low pattern that is forming on the daily chart. Another thing to pay attention to is the recent breakout of the five-week resistance line.
In addition, this week appears to be the most volatile trading session since the correction started. With the recent buying volume, the trend is likely to change in favor of the bull.
Gala appeared to have technically found support on a daily scale. It would hold firmly as long as buyers continue to step into the market.
GALA’s Key Level To Watch
The $0.040 resistance level has been suppressing buy actions for the past few hours. A successful increase above it should propel the price to $0.046 and $0.05. Higher resistance levels are located at $0.057, $0.065 and$0.073.
While the $0.0361 serves as daily support, the immediate area to watch for a decrease lies at $0.03-$0.028. A dip from there should send it lower to the $0.024 and $0.02 support levels.
Key Resistance Levels: $0.040, $0.046, $0.057
Key Support Levels: $0.0361, $0.028, $0.024
- Spot Price: $0.0396
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: valedol/123RF // Image Effects by Colorcinch
