The gaming industry has increased nicely in the last 48 hours with Gala witnessing an impressive surge today. It has found a solid ground and is now resurging towards the previous high. A fresh increase is in play.
GALA reached a significant milestone two weeks ago after six months of swing high. But unfortunately, it lost momentum and fell steadily to a low of $0.05 level on Tuesday.
This fall led to a slight weakness in the market but it later regained strength after holding a grip above this low level. After a brief consolidation, the mentioned low held as support and the price slowly bounced back.
Footing a fresh increase with new higher high and higher low patterns on the 4-hour timeframe, the price is now trading well above the $0.06 level with a fresh surge in volatility.
Now that the weekly bounce has brought the bulls back in the market, we may see a huge upsurge in the next few days provided that Bitcoin stays bullish. Otherwise, GALA may slide back and continue to drop.
Even though that happens, the price must dip below the current weekly low before we can confirm broader corrections. But looking at the current setups, the bulls appeared to be taking chargeback.
Gala’s Key Level To Watch
As new money flows back into the market, the next line of resistance to keep in mind is $0.071, followed by the $0.078 level that broke down last week. Above it lies the $0.087 resistance – the major level to consider for a breakup.
Right now, the pullback level to watch lies at $0.06. If it loses grip, the potential level to watch for drops is the weekly $0.05 low. A crack from there could dip the price to $0.0432 and $0.0367.
Key Resistance Levels: $0.071, $0.078, $0.087
Key Support Levels: $0.050, $0.0432, $0.0367
- Spot Price: $0.064
- 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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