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Vikram
Jul 19, 2022
by Vikram

GALA Technical Analysis: Launch From $0.050 Ready To Cross $0.10

GALA Technical Analysis

Table of contents

  1. GALA Technical Analysis
  2. Upcoming Trend
Over the last two days, the increase in demand has resulted in a bull run in GALA prices, teasing a breakout of the demand zone at $0.065.

Key Technical Points:

  • The GALA prices jumped by 8.82% in the last 24 hours.

  • The bull cycle prepares to exit the falling channel and beat the 50-day SMA.

  • The 24-hour trading volume of GalaGames is $495 Million, indicating a rise of 119%.

    • Past Performance of GALA

    GALA price chart shows a long-coming downtrend within a falling channel pattern accounting for a price drop of 55% within the last two months. The downfall breaks the $0.050 psychological mark, but the recent bullish reversal has the prices challenging the resistance trendline. Additionally, the bull cycle repairs to beat the 50-day SMA slightly below the supply zone at $0.065.

    TradingView Chart

    Source - Tradingview

    GALA Technical Analysis

    GALA price action shows a 13% jump in the last two days, but the higher price rejection in the daily candle from the 50-day SMA shows a bearish reaction. However, the increased trading volume supports the bullish breakout theory. Hence traders should wait for the price action confirmation before taking a bullish trade.

    The underlying bullish momentum increase is evident from the RSI slope crossing the halfway line. As a result, the technical indicator projects a high possibility of a falling channel breakout.

    The MACD indicator shows the fast and slow lines avoiding a downfall as the lines regain the bullish alignment. Hence the technical indicators represent a bullish bias teasing a jump above $0.065.

    In a nutshell, GALA technical analysis signals a high possibility of an uptrend continuation with a falling channel breakout.

    Upcoming Trend

    The falling breakout can propel the GALA prices to exceed the $0.065 supply zone to reach the psychological mark of $0.10.

    Conversely, the bullish failure to beat the resistance trend will retest the $0.045 support level.

    Resistance Levels: $0.065 and $0.010

    Support Levels: $0.050 and $0.040

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    GALA Technical Analysis: Launch From $0.050 Ready To Cross $0.10
    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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