Table of contents
GALA coin price continues to fall after the bearish wedge breakout and approaches the $1 mark. Will the bears demolish another psychological support?
Key technical points:
The coin price approaches the $1 mark.The RSI approaches the oversold zone. The 24-hour trading volume of GALA is $886 Million, marking a 26% rise.
Past Performance of GALA
GALA coin price rests above the $0.20 support zone with the constant overhead bearish influence by the resistance trendline. As a result, the coin price consolidates for a week with no significant fluctuations representing minimum trading activities. However, this sideways movement is a blessing in disguise for GALA holders as other Meta tokens like MANA and SAND have declined by 20% and 15% last fortnight.
Source-Tradingview
GALA Technical Analysis
GALA coin price could show a reversal to the resistance trendline as the overall market recovers. However, a rise in trading volume is a must for the bullish breakout of the resistance trendline.
The 50-day and 100-day EMA give a bearish crossover but struggles for a bearish spread. Therefore, the bulls can still sabotage the crossover with a reversal and bring another bullish crossover. However, as altcoin trades below the EMAs, the strings will provide dynamic resistance to the turnaround.
RSI Indicator: The RSI slope moves in a zig-zag line maintaining a sideways trend below the 50% line. However, despite being able to withstand the selling pressure, the RSI slope shows no signs of a bullish divergence,
MACD Indicator: The MACD and signal lines give a reversal-led bullish crossover indicating a potential price jump to the resistance trendline.
In a nutshell, GALA technical analysis shows a sideways trend, waiting for a bullish ignition to reverse the trend.
Upcoming Trend
The solid underlying bullishness will influence the upcoming trend of GALA coin price with the breakout of the 50 and 100-day EMA. However, the $0.20 support breakout will nullify the bullish reversal theory and result in a price fall to the $0.18 mark.
Resistance Levels: $0.25 and $0.30
Support Levels: $0.20 and $0.18
