The GALA/USDT technical chart indicates an overall bearish tendency, where the coin has recently formed a new lower low at $0.155. However, the bulls indicate strong interest in this discounted GALA price, sustaining the alt above $0.18. Furthermore, a rising RSI slope encourages the bulls to initiate a recovery rally above $0.22 resistance.
Key technical points:
- The daily-RSI signals rise in underlying bullish momentum.
- The intraday trading volume in the GALA is $314.2 Million, indicating a 27% loss.
Source- Tradingview
During the late second week of January, the GALA/USD showed an 18% relive rally from the $3 support. However, the recent bloodbath in the crypto market took a significant toll on GALA price and tumbled the alt by 50% to the $0.18 mark.
The buyers managed to defend this support, displaying long wicks at the bottom. However, they are still struggling to surpass the $0.22 resistance, resulting in a range-bound movement for the past two weeks.
Despite sideways price action, the Relative Strength Index(38) slope rallies higher, regaining the 14-SMA. Increasing strength among buyers indicates a more likely upside breakout.
However, the downsloping 50-SMA indicates bears are dominating. Moreover, the coin chart offers a 50 and 100 SMA bearish crossover, encouraging sellers to rally south.
The GALA Price Resonates In A Symmetrical Triangle Pattern
Source- GALA/USD chart by Tradingview
The consolidation in price shows a symmetrical triangle pattern in the 4-hour time frame chart. This pattern could provide an excellent directional move to crypto traders once the price breakout from either side trendline.
Concerning the bullish indicator from daily RSI, an upside breakout of the triangle would lead the price to an immediate target of $0.22. However, this overhead resistance is crucial for buyers to initiate a genuine recovery rally.
- Resistance levels- $0.22 and $.027
- Support levels- $0.18 and $0.155
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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