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Vikram
Jun 2, 2022
by Vikram

GALA Technical Analysis: The Most Awaited Post-Retest Reversal

GALA Technical Analysis
GALA price chart shows an evening star pattern arising to retest the bullish breakout of the broken trendline. Can we expect a post-retest bullish reversal?

Key technical points:

  • The GALA market value decreased by 7.28% today at press time.

  • The market value cracks under the 20 DMA.

  • The 24-hour trading volume of the Gala Games is $297 Million, indicating a drop of 5%.

    • Past Performance of GALA

    GALA prices showcased a bearish trend due to the bullish failure to sustain above $0.25, resulting in a selling spiral that destroyed 75% of the market value within two months of a bearish market. As a result, the downtrend reached the $0.060 to take a bullish reversal by forming a morning star pattern with a lower price rejection. Furthermore, the uptrend breaches the resistance trendline and includes an evening star pattern to retest the bullish breakout.

    TradingView Chart

    Source- Tradingview

    GALA Technical Analysis 

    The morning star pattern in GALA price action comes with an increase in selling pressure ready to undermine the bullish breakout. However, traders must wait for a price action confirmation to avoid getting trapped. The bullish breakout fails to surpass the 20 DMA, and the opposition leads to the retest phase, which might shortly crack back within the trendline.

    The RSI indicator shows a bullish reversal in RSI slope from the 14-day SMA. This reversal can breach above the halfway line, indicating a higher chance of post-retest bullish reversal. Furthermore, the MACD indicator shows an uptrend in the MACD and signal lines, increasing the chances of a bull run above the 20 DMA. In a nutshell, GALA technical analysis displays a high likelihood of a bullish continuation to reach $0.10.

    Upcoming Trend

    The GALA traders should wait for the price action confirmation to hop on the post-retest reversal, which can breach the 20 DMA to reclaim the $0.10 threshold.

    Resistance Levels: $0.80 and $0.10

    Support Levels: $0.70 and $0.50

     

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    GALA Gala Games
    GALA Technical Analysis: The Most Awaited Post-Retest Reversal
    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.