Gala remained in a bearish condition with no signs of recovery at the moment. It has seen more than 20% loss since the start of the year and is yet to locate firm support to initiate a buy.
Going back to late 2023 when Gala started a bullish cycle with a surge before moving into a contraction on the way up. it is repeating the same pattern in the ongoing bearish cycle and is likely to end it with a down surge.
So far, it has posted a notable loss over the past few weeks with no solid level to contain pressure. The bulls appeared weak as there were no signs of commitment. As seen on the daily chart, Gala’s retracement movement has been very short compared to the bearish impulsive movement.
Following the swing low from the top ($0.0363), the bearish dominance might last for a few more weeks before we can start to see bullish footprints in the market.
By then, the price would have reached an oversold level, where the buyers are waiting to initiate entry. For now, the bulls are technically off the market as they have continued to suffer a huge loss.
If the bulls find a solid ground nearby, we can expect a quick bounce before they decide on their next moves. Nonetheless, Gala remains bearish and still trades far above its bottom level on the daily chart.
Gala’s Key Level To Watch
On the daily chart, there’s close support at $0.021 in case of a crackdown. The $0.0188 support is the next level to consider before sliding to $0.0164.
For a rebound, the important resistance level to watch for an increase lies at $0.0238. If the price advances higher, the next resistance level to consider for a test is $0.026, followed by $0.029.
Key Resistance Levels: $0.0238, $0.026, $0.029
Key Support Levels: $0.021, $0.0188, $0.0164
- Spot Price: $0.0219
- 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.