Gala reached a multi-month high yesterday following a consistent increase since the start of the month. It saw a rejection and is now looking weak today, although its bullish trajectory remains valid on the daily chart.
Last month saw Gala through a significant corrective phase after increasing by 200% in the last quarter of 2023. Interestingly, it halted selling at the $0.021 level and the price increased slightly that month.
The price fell back earlier this month and established base support at that price level, forming a double-bottom pattern on the 4-hour chart.
It initiated a buy and started to increase steadily until the price reached $0.03. Following the three-week build-up, volatility increased this week and the price surged to $0.0432 yesterday – marking Gala’s highest price level in ten months.
Meanwhile, that surge came as a retest of last April’s breakdown. As we can see on the daily chart, the price level was rejected to where it is changing hands at $0.039. However, the bulls are still in charge as they appear strong on the monthly scale.
Considering the recent break above the $0.0367 resistance level – which now stands as a potential retest point – we can expect a rebound if the level holds as support. Nonetheless, Gala is technically bullish from a short-term perspective. More rallies should be expected in the future.
Gala’s Key Level To Watch
Source: Tradingview
Looking ahead, Gala must retake the recent $0.043 high to sustain bullish actions. A successful increase above this high should send the price to $0.047 and the $0.05 resistance level, marked as last April’s high.
In case of a dip, the pullback levels to watch below the immediate $0.0367 support are $0.0329 and $0.029. There’s also support at $0.026 if the price continues to dip.
Key Resistance Levels: $0.043, $0.047, $0.05
Key Support Levels: $0.0367, $0.0329, $0.029
- Spot Price: $0.0392
- 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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