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
Source: Tradingview
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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