GALA Technical Analysis: Reversal At $.60 Breaks Resistance Trendline

Key technical points:

Past Performance of GALA

GALA market value shows a bullish reversal from the $0.070 mark after the short-coming downtrend leading to a descending triangle breakout. The downtrend within the large bearish pattern destroys 75% of the market value in two months. Moreover, the breakout rally also surpasses the long-coming resistance trendline and marks a breakout entry point.

Source-tradingview

GALA Technical Analysis

With the increasing number of bullish candles in the 4-hour chart, the GALA price gains bullish momentum and increases the chances of a rounding bottom breakout. Hence, traders can find bullish entry spots at the current market price.

The MACD indicator displays the fast and slow lines keeping a bullish alignment as they get closer to their zero point. In addition, the bullish histogram speeds up following the resting phase, which indicates the revival of bullish powers.

Additionally, the Vortex and DMI indicators exhibit an upward-facing crossover, which indicates that there is a trend change when the gap between the VI line and DI lines expands. Hence, the technical indicators maintain a bullish bias.

In a nutshell, GALA technical analysis indicates a possible price jump to the $0.10 mark.

Upcoming Trend

If the breakout rally sustains above the broken resistance trendline, GALA prices will surpass the psychological mark of $0.10 and will have increased chances of exceeding $0.12. However, a retracement to retest the broken is possible.

Resistance Levels: $0.10 and $0.12

Support Levels: $0.70 and $0.61