This week came with a breathtaking steady three-week bearish after a rejection in mid-April. It attempted a recovery, but there’s not much buying volume to fuel it. The coming week may see the price through a notable pullback before resuming bearish.
Gala shed a lot of loss in the past few weeks, dragging the price to its lowest in four months. These past months of shedding are cumulatively over 50% loss of its value since it started to fall.
Looking at the first swing low from $0.063 in January to $0.030 in March, Gala retraced and quickly rejected the $0.051 level. That level was closely retested as double-top during last month’s trading.
It initiated a drop from there, and the price fell consistently for three weeks before it found a base level above $0.027. It held that level as support throughout this week, retraced near $0.033, and fell back. The price is rising again following a slow increase from the base level.
If the price increases above the recent retracement level, Gala is likely to see a small recovery before it resumes bearish. On the other hand, a drop below the base level could trigger more bearish actions in the future.
GALA’s Key Level To Watch
The recent cool-off in bearish actions could pave the way for small positive actions in the next few days. The resistance levels to watch for a retest are $0.036 and $0.040. The higher resistance level to watch next is $0.045.
However, if the sellers release pressure and the weekly base level fails to suppress it, the closest support level to watch for a drop is $0.025. The following support level to keep in mind is $0.021 and potentially $0.017 and $0.015, established as support in late December 2022.
Key Resistance Levels: $0.036, $0.040, $0.045
Key Support Levels: $0.025, $0.021, $0.017
- Spot Price: $0.03
- 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.