Table of contents
GALA coin price forms a morning star pattern near the $0.20 support zone, increasing the possibility of a bullish reversal.
Key technical points:
GALA coin price approaches the $5 markThe RSI slope surpasses the 14-day averageThe 24-hour trading volume of the gaming token is $54 million, marking a 135% rise.
Past Performance of GALA
GALA prices show a bullish reversal within the descending triangle as the prices found demand near the $0.20 support zone. The turnaround gains more credibility with the morning star pattern and may shortly reach the supply-rich resistance trendline.
GALA Technical Analysis
GALA prices show an overnight growth of 10% resulting in the bullish engulfing candlestick reflecting the release of underlying momentum. Therefore, a breakout of 200-day EMA will result in a price jump to $5.50.
The 50-day EMA maintains a downtrend as the prices fail to sustain above it. The recent rejection from the 50-day EMA pushed the prices lower to the support zone. However, the breakout of the EMA moving along with the highly influential resistance trendline will result in a high momentum uptrend.
RSI Indicator: The RSI slope surpasses the 14-day average with a parabolic reversal, indicating a high likelihood of exceeding the 50% mark and the sideways trend.
Stochastic RSI Indicator: The K and D lines generate a bullish divergence with the recent crossover above the oversold boundary.
In short, GALA technical analysis shows the technical indicators giving a bullish signal.
GALA coin brings buying opportunities at current prices as the market recovers, and the price rests at a stick of demand dynamite. The recovery also brings the possibility of a trendline breakout.
Contrarily, closing below the $0.20 mark will nullify the uptrend possibility and decline to $0.18.
Support Levels: $0.20 and $0.18
Resistance Levels: $0.25 and $0.30