Last week’s recovery rally in the GALA price soar by 112% from the bottom support of $0.18. Along with the growing popularity of P2P gaming in the market, few celebrities like the famous rapper Snoop Dogg, who bolstered the ongoing rally with his new album release, “BODR (Bacc on Death Row)”, on the GALA coin music store.
Key technical points:
- The 20 and 100-day offers a bullish crossover
- The intraday trading volume in the Gala Games is $1.2 Billion, indicating a 23% loss.
$0.4 Gala Price Resistance Stands As A key Barrier For Bull Run
Source- Tradingview
The GALA price is down by 24% from the recent swing high of $3.95. The altcoin would test the bulls at the $0.3 support for sufficient demand pressure. If coin price rebound from this support, it would suggest the buyers are accumulating here, and the bull run should continue.
However, the 0.4 resistance is required to confirm a trend reversal for GALA.
On a contrary note, violating the $0.3 support, the coin price would sink to $0.21 or $.156, along with the threat for bear trend continuation.
EMA Crossover Indicates Bullish Continuation
On February 5th, the GALA/USD pair escaped the minor consolidation period situated below the $0.21. Following the breakout, the coin buyers continued to rise gradually and reached $0.395. This sudden recovery registered a 100% ROI who bought near the bottom of consolidation($0.18)
However, the traders booking profit near $0.395 could have resulted in the current pullback in price. The sellers are pulling altcoin lower and would soon retest shared support of $0.297 and a cluster of crucial EMAs(20, 50, 100).
Moreover, the 20 and 100 EMA have just provided a bullish crossover, encouraging the buyers to continue their rally.
Furthermore, the recent pullback has slowed down the MACD indicator’s lines from crossing above the neutral. This crossover could provide an extra edge for long traders.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/gala-price-analysis-can-ema-crossover-save-gala-buyers-from-another-meltdown/