After GALA saw a two-week correction, it found solid support and made a U-turn with roughly 25% gains this week. It aims at the previous high and will likely break it in the next couple of days.
A few hours after the CPI release on Tuesday, the market sentiment turned positive as GALA followed the trend. Levels are changing fast to the upside as it regains momentum by the day.
q, the cryptocurrency rejected the $0.063 level and initiated a short, which led to about 33% correction within two weeks. It later found solid support at around the $0.04 level and resumed bullish.
This bounce was driven by the recovery in Bitcoin’s price, which makes it trades well above $24k following a breakout. Gala is yet to flip its previous high as it waits for Bitcoin to calm a bit to experience a surge in volatility.
A massive rally should be expected as soon as volatility continues to flow into the market. The mentioned rejected level may pose threat to the bulls on the way up, but a successful break will turn more green light for buying positions.
In the case of negative sentiments, which may drive the price down again, it would need to crack the current holding support before considering a deeper correction. As it appears now, the bulls are gaining control.
Gala’s Key Level To Watch Out For
Based on the current price shift, it is essential to start paying more attention to resistance levels. The immediate resistance here is the $0.057 and $0.06 levels. Higher resistance levels to watch are $0.065 and $0.073 on a breakout.
The support at $0.046 is holding as a pullback level. If it fails to produce a rebound, there is still hope at the $0.4 level, held as the weekly low. A collapse from here could slip the price to $0.0361 and potentially $0.02.
Key Resistance Levels: $0.057, $0.065, $0.073
Key Support Levels: $0.046, $0.040, $0.0361
- Spot Price: $0.0516
- 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.
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