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Vikram
May 5, 2022
by Vikram

GALA Technical Analysis: Retest Ready To Trap Buyers

GALA
GALA prices show a bullish recovery from the $0.12 level to retest the broken support trendline before continuing a fall to the $0.10 mark.

Key technical points:

  • GALA market price has grown 25% this week.

  • The inflation breaks above the $0.15 mark.

  • The 24-hour trading volume of GALA is $471 Million, reflecting a rise of 35%. 

    • Past Performance of GALA

    GALA prices kept a bearish trend under the falling wedge pattern, hoping for a bullish breakout, but the crushing selling pressure breached the support trendline. The fallout rally shows lower price rejection from the $0.11 support level resulting in the 20% bullish engulfing candle to retest the pattern breakout.

    TradingView Chart

    GALA Technical Analysis 

    GALA prices regain the bullish stamp, but the overall trend remains bearish. Moreover, the possibility of sustaining above $0.15 lowers as the post-retest reversal starts. The lack of a bullish follow-through candle reflects weakness in the uptrend and warns of a bearish reversal. 

    The crucial daily EMAs maintain a falling trend while the bearish spread increases significantly.

    The MACD and signal lines give a bullish crossover in the negative territory projecting the possibility of a trend reversal and the start of a bull cycle. 

    The RSI value strives to reach the halfway line as it crosses the 14-day SMA, reflecting a surge in the buying pressure. Moreover, the RSI values surpassing the nearly overbought zone will add additional credits to the uptrend possibility. 

    In a nutshell, GALA technical analysis shows a high likelihood of a post-retest reversal from the $0.15 mark.

    Upcoming Trend 

    GALA market price experiences weakness in the underlying bullishness projecting a bearish takeover. Hence, traders can find selling opportunities with the collapse of the $0.15 level or closing above the $0.1475 mark in the 4-hour timeframe.

    Support Levels: $0.15 and $0.11

    Resistance Levels: $0.175 and $0.20

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    GALA Gala Games
    GALA Technical Analysis: Retest Ready To Trap Buyers
    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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