GALA Technical Analysis: Uptrend Aims To Break The $1 Barrier
With the metaverse sector aiming to grow from $150B in 2021 to $1,550B by the end of this decade, investing in metaverse tokens at present times seems exponentially profitable.
Let us now move ahead to the technical analysis of the GALA token.
Past Performance of GALA
The GALA coin price action grows higher inside an ascending broadening channel pattern in the daily chart. Furthermore, the coin price grows more than 25 percent in the past 24 hours after finding demand near the $0.58 mark. Hence, the uptrend attempts to gain momentum and can give a bullish breakout shortly.
GALA Technical Analysis
The bullish retracement in the last day brings gains the attention of various buyers hoarding behind GALA. It is evident by the 35 percent jump in the intraday trading volume.
With 76 percent of holders making money at the current prices and a 25 percent rise in the Net Network growth, as per intotheblock, traders can find buying at the breakout of $0.75 mark profitable.
The RSI slope grows gradually higher into the ‘nearly overbought’ zone and aims higher to the overbought zone. The slope spikes higher after after touching the central line and shows no divergence from the price action in the 4-hour chart. Hence, the RSI indicator gives a buy signal.
The Moving Average Convergence Divergence indicator shows the fast and slow line approaching each other and may soon give a bullish crossover. Hence, the indicator gives a buy signal.
Upcoming Trend
The rising prices in the 4-hour chart and the gaining trend momentum with intraday trading volume teases a bullsih breakout of the $0.75 mark. Hence, GALA token buyers can find entry opportunity at breakout.
However, bull run may find opposition at $0.90 and the $1.15 mark. However, if the price fails to break the resistance zone and gives a bearish reversal, support levels are at $0.60 and $0.40.