After the price rallied by over 200% this month, GALA took a break and consolidated for weeks. The price has started to increase again following yesterday’s surge in volatility.
The performance of GALA over the past few days was highly impressive. This generated a lot of bullish sentiments across the space and simultaneously put the gaming cryptocurrency among the top-gainers of the month.
As Bitcoin’s price continues to hover around the $23k level, Gala saw a notable increase yesterday and broke out of a consolidation phase after trading there for two weeks. The price tapped $0.0629 and sharply retraced to a low of $0.0545 today.
It bounced back and is now posing for more gains. This rebound has made the price trade well above the $0.05 psychological level over the past 24 hours. Meanwhile, the latest increase is expected to rally at the previous August’s resistance level of $0.0729 before the week’s close.
However, if the scenario fails to occur, we can expect that price to come into play in the coming week. In case of a drop, we can expect the asset to regain momentum above the mentioned psychological level. A significant dip below this level might lure the sellers back into the market. Currently, the price is up by 12% on a daily scale.
Gala’s Key Level To Watch Out For
Following the latest bounce, GALA’s next target above the current daily high ($0.0629) is $0.065 before rising to August’s resistance, as mentioned earlier. The resistance level to watch above it is $0.073, followed by $0.077 and $0.08.
In the opposite direction, today’s low remains an important support level for the market. If the price drops below this week’s low of $0.046, the next level to watch is $0.0429. Further support may come around at $0.0361 and $0.0282 if the price continues to fall.
Key Resistance Levels: $0.065, $0.073, $0.08
Key Support Levels: $0.0429, $0.0361, $0.0282
- Spot Price: $0.057
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: karnoff/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/gala-price-analysis-prediction-jan-31st-gala-resumes-bullish-following-an-18-surge-in-a-week/