Gala’s market structure is still looking bearish on the daily chart but the trading landscape might change soon as it recently revisited a local bottom. A surge above the previous high could activate a reversal.
As several altcoins post losses today, Gala remained strong as it resumed buying after finding temporal support at $0.018. This support may not hold for long due to the bearish sentiments surrounding the market.
However, a push above $0.0223 – the previous high – could trigger a slight change in the trend with a new positive sentiment from a short-term perspective. But currently, buying volume appears low.
Taking a glance at the market since mid-June, the selling actions have been notably choppy compared to when it started to drop in mid-March. The consistent decrease in the volume level indicates that the bearish trend is reaching an exhaustion point on the daily timeframe.
Following this month’s price crash to a low of $0.0136, it appeared to have reached its local bottom again after five months of correction.
If this low level stands firmly against further bearish moves, we may see a possible change in the existing trend. As of now, the market structure is still looking much more bearish on the daily chart.
Gala’s Key Level To Watch
Gala is currently sitting above temporal weekly support of $0.018. If the price falls below this support, Gala may navigate the monthly low of $0.0136. Failure to contain pressure may result in a dip to $0.01 and potentially $0.005.
Considering the area of interest in the latest buying, the monthly $0.0223 resistance is the closest level to watch, followed by $0.027. Above this price level lies the $0.0336 resistance that broke as support in June.
Key Resistance Levels: $0.0223, $0.027, $0.0336
Key Support Levels: $0.0136, $0.01, $0.005
- Spot Price: $0.0197
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/gala-price-analysis-prediction-august-31-gala-sees-daily-6-gains-amid-market-clampdown-what-happened/