Despite the market recovery in the past week, GALA’s price remained calm due to a lack of interest. The price fell yesterday but has recovered well over the past hours.
Monday saw Gala and some altcoins through a short pullback after Bitcoin fell off $30k last weekend. Due to this, it lost 4% of its value to a low of $0.042. Although the price quickly bounced off that low.
Yesterday’s recovery came with a surge in volatility as the price flipped the $0.045 level that suppressed buying pressure for days. Aside from that, it marked a daily high at around $0.050 after charting over a 12% gain overnight.
The current surge on the daily chart shows that the buyers have resumed pressure. More positive actions should be expected in the coming days. Yesterday’s rejection level remains a key area of interest for the buyers.
If they manage to scale through it, a bigger price movement could surface in no time. The March resistance level is the major breakout level to watch for a bull run. The build-up is just starting on the weekly.
A slight price drop could facilitate a fast retest at the flipped level before it resumes buying. With the current setup, Gala does not appear to be slowing down its rally any moment from now.
Gala’s Key Level To Watch
In the next leg up, the closest resistance level to watch is $0.051. The next one to pay attention to is the $0.057 and $0.065 before breaking higher.
Let’s say the price retraced below the recently flipped level, the next retracement points to consider for supports are $0.040 and $0.0361. Below them lies the $0.030 level.
Key Resistance Levels: $0.051, $0.057, $0.065
Key Support Levels: $0.040, $0.0361, $0.030
- Spot Price: $0.0472
- 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: inueng/123RF // Image Effects by Colorcinch
