The Gala Games (GALA) price doubled during last week’s recovery rally. The buyers breached two significant resistance of $0.23 and $0.3 before reaching the monthly resistance of $0.37. The bears defended this resistance with vigor and rejected the altcoin to the immediate support of $0.3. Can buyers continue this rally or the sellers would take over again?
Key technical points:
- The 20 and 100-day EMAs offers a bullish crossover
- The intraday trading volume in the GALA is $197.7 Million, indicating a 3% gain.
Inverted Head And Shoulder Pattern Aims GALA Price To Go Beyond $0.42
Source- Tradingview
A bullish reversal from the $0.293 support could lead to the formation of an inverted head and shoulder pattern. This pattern could help the bulls to knock out the above resistance of $0.36 and $0.43, indicating a better confirmation for trend reversal.
However, the bullish assumption would be invalid if sellers pulled the GALA token below the bottom support, dropping it 20% to the $0.223 mark.
The daily chart shows a cluster of crucial EMAs(20, 50, and 100) in confluence with the $0.239 support, offering an extra edge to the long traders.
Bulls Must Breakout Of This Descending Channel
Source- Tradingview
The GALA price technical chart shows a V-Top rejection from the $0.381 resistance. This minor pullback follows a descending trendline, which discounted the coin price by 23%, bringing it to the $0.295 mark.
A few lower price rejection candles at this support indicate the buyers accumulating at this support, encouraging a bullish reversal. If bulls could pierce through the resistance trendline, Gala Games would rally to the overhead resistance of $0.38.
The downslopping 4-hour ADX indicator(24) reflects the decreasing bullish momentum. However, the indicator slope would curve up if buyers could rebound from the $0.293 support.
- Resistance level- $0.36 and $.43
- Support level-$0.293 and $0.223
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-break-0-42-if-inverted-triangle-formation/