Following a resurge from base support, Gala reclaimed its previous high and marked a new monthly high yesterday. It pulled back but still holds a daily 8% gain. More growth is expected once it finds support.
Gala has been on a steady rise for some days now, but it appeared to have taken a small breath after exploding by a weekly 40% to $0.02.
This happened after surging through the $0.0165 resistance level yesterday. However, the buying pressure is seemingly paused as the gaming token looked for a key level to initiate a buy. The above resistance level is likely to provide support.
A pull below that level could see the price fall back to its recent low of $0.013, which currently serves as a local bottom. A dip below it would not just trigger more selling but would validate a bearish continuation of the existing trend.
While the price currently looks bullish on the daily chart, it is essential to note that Gala’s bearish trajectory remains intact from a mid-term perspective. It must increase well above the $0.03 level before we can start to consider a bullish reversal.
Having lost some ground overnight, it currently occupies the third spot on the top gainer chart with a notable gain in the last 24 hours. Aside from that, the price is still down by 70% in the last 9 months.
Gala’s Key Level To Watch
Source: TradingView
If Gala manages to close this week above yesterday’s $0.020 high, the next resistance level to keep in mind is $0.0254. Above this level lies $0.029 before breaking through $0.03 for more rallies.
As mentioned above, a fall below a recent low could trigger a big sell-off. If that happens, the potential levels for a drop would be $0.01 and maybe $0.005 in the future.
Key Resistance Levels: $0.020, $0.0254, $0.029
Key Support Levels: $0.0165, $0.013, $0.01
- Spot Price: $0.0178
- 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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