GALA Technical Analysis: Critical Moment And Prospect Of 60% Growth
Table of contents
After a triumphant weekly candle from buyers, the next attempt by sellers to continue the fall wave had a rather clumsy appearance. During the 4 trading weeks, sellers did not manage to take control of an important range of $0.2. Namely, from this range, buyers made an aggressive price attack on 31 January. This fact clearly hints at the complete exhaustion of sellers. The worst-case scenario in the GALA market at the moment is the continuation of consolidation in the range of $0.2-$0.26 with the future sharp price impulse up to $0.38. While the $0.2 mark is under the control of buyers, this is our main scenario.
Technical Analysis Of GALA On A Daily Timeframe
Why, under such favorable conditions, do we still expect a local fall wave? If you analyze the GALA trading volumes on the daily timeframe, you can see that at the critical point they are low. The trading volumes during the growth wave from 4 to 8 February were reminiscent of the real interest of buyers. Though, the growth wave of 12 March looks extremely weak both in terms of volumes and volatility of candles.
In addition, GALA buyers have not yet managed to break the trap of the trend line of sellers, which they have been keeping since November 2021. The low intensity of the struggle at the critical point is a signal of weakness of buyers. Moreover, buyers gained positions within 12 days. Having lost control over the local mark of $0.227, market stop orders will start to work, which can bring the price down to the mark of $0.2 quite sharply. So while the GALA price is at a critical point at local highs, you should not rush to invest in it
The GALABTC Price Stopped Above The Critical Range Of 0.00000530
Analyzing the price movement of GALABTC on the weekly timeframe, we can see the weakness of the price correction starting from November 2021 compared to the growth wave. Buyers were able to stop prices near 0.00000530. This range has withstood the attack twice and buyers have proven their interest in it. However, looking at the weak rebound of the GALABTC price from the critical range, we conclude that the main positions of buyers to form a new growth wave are not yet fully established. Therefore, the consolidation scenario within a few weeks is currently the most realistic for the GALABTC market.