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Vikram
Mar 9, 2022
by Vikram

GALA Technical Analysis: Divergence Within Triangle Teases Breakout

GALA
GALA coin price forms a morning star pattern near the $0.20 support zone, increasing the possibility of a bullish reversal.

Key technical points:

  • GALA coin price approaches the $5 mark

  • The RSI slope surpasses the 14-day average

  • The 24-hour trading volume of the gaming token is $54 million, marking a 135% rise. 

    • Past Performance of GALA

    GALA prices show a bullish reversal within the descending triangle as the prices found demand near the $0.20 support zone. The turnaround gains more credibility with the morning star pattern and may shortly reach the supply-rich resistance trendline. 

    TradingView Chart

    GALA Technical Analysis 

    GALA prices show an overnight growth of 10% resulting in the bullish engulfing candlestick reflecting the release of underlying momentum. Therefore, a breakout of 200-day EMA will result in a price jump to $5.50.

    The 50-day EMA maintains a downtrend as the prices fail to sustain above it. The recent rejection from the 50-day EMA pushed the prices lower to the support zone. However, the breakout of the EMA moving along with the highly influential resistance trendline will result in a high momentum uptrend.

    RSI Indicator: The RSI slope surpasses the 14-day average with a parabolic reversal, indicating a high likelihood of exceeding the 50% mark and the sideways trend.  

    Stochastic RSI Indicator: The K and D lines generate a bullish divergence with the recent crossover above the oversold boundary.

    In short, GALA technical analysis shows the technical indicators giving a bullish signal. 

    Upcoming Trend

    GALA coin brings buying opportunities at current prices as the market recovers, and the price rests at a stick of demand dynamite. The recovery also brings the possibility of a trendline breakout. 

    Contrarily, closing below the $0.20 mark will nullify the uptrend possibility and decline to $0.18.

    Support Levels: $0.20 and $0.18

    Resistance Levels: $0.25 and $0.30

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    GALA Gala Games
    GALA Technical Analysis: Divergence Within Triangle Teases Breakout
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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