Facing a rejection this month, Gala initiated a drop and rolled back to a month low following the latest meltdown. It currently appeared bearish on the day with no sign of halting correction at the time of writing.
In the first week, Gala advanced bullish rally but later faced rejection after registering over 100% gain in November. This rejection led to a halt in the rally and the price traded calmly for the rest of that week.
Earlier last week, it lost grip above the $0.06 level and nosedived into $0.04. The price recovered briefly from there and later stopped buying at $0.055 due to a rejection. It remains indecisive for three days and broke down steadily until it tested $0.032 today for the first time in a month.
The price is approaching the $0.03 level that flipped during last month’s rally. Locating support above this key level could fuel a new buy order capable of bringing the bulls back on track. As of now, the bears are still in charge of the market on the daily scale.
While the latest price correction is healthy for the market, we can expect a bounce back anytime soon. A deeper correction from the current price level could reset the market back to the $0.02 level before rising back. It is currently down 36% in the past week of trading.
Gala’s Key Level To Watch
As today turns out more volatile, the bears are now approaching $0.031. If they reclaim it, the $0.0263 support would be their next target. Lower supports considered for drops are $0.0216 and $0.017.
Pushing back above the $0.0405 level, there’s a minor resistance at the $0.048 level. Reclaiming the $0.055 level could trigger a full recovery to the monthly $0.065 high before exploding to a new high.
Key Resistance Levels: $0.0405, $0.055, $0.0666
Key Support Levels: $0.031, $0.0263, $0.0216
- Spot Price: $0.0326
- Trend: Bearish
- Volatility: High
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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