Crypto Strategist Flips Bullish on Gala, dYdX and One Red-Hot Altcoin – Here’s His Outlook
A widely followed crypto analyst is suddenly turning bullish on Gala (GALA) and two other altcoins.
Pseudonymous crypto trader The Flow Horse tells his 186,500 followers on the social media platform X that the native asset of the blockchain-based gaming platform Gala is in an uptrend.
He says that key metrics like the cumulative volume delta (CVD), an indicator that aims to identify divergences by comparing buying and selling volume over a given time period, are flashing bullish.
“Bought some GALA.
• Looks like ‘drift of death’ for shorts.
• That drift up is all spot, as seen in very divergence spot, perp (perpetual future contracts) CVDs.
• Gaming sector, which has not truly had its day in the sun.
• Trend strong and intact 20-day SMA (simple moving average) + one SD (standard deviation) anchor VWAP (volume weighted average price) band holding.”
Source: The Flow Horse/X
Gala is trading for $0.0301 at time of writing, up 1.3% in the last 24 hours.
Next up, the trader says that he is bullish on decentralized exchange (DEX) dYdX after it flipped a key resistance level into support, among other factors.
“DYDX unlock is over and spot CVD is roofing while perp still fades.
• DEX narrative getting stronger by the week.
• Technical retest of the most pivotal level of the last two years, resistance now support.
Patience. Higher.”
Source: The Flow Horse/X
At time of writing, dYdX is trading for $3.08, down 1% in the last 24 hours.
Lastly, the trader says that Celestia (TIA) a blockchain built to enable anyone to launch their own decentralized networks at minimal cost, remains in a massive uptrend.
“Bought more TIA.
• This has yet to make anyone really chase or blow off.
• Derivs (derivatives) open interest is where it was when it was half the price.”
Source: The Flow Horse/X
TIA is trading for $10.94 at time of writing, up 27.8% in the past 24 hours.
Generated Image: Midjourney
The post Crypto Strategist Flips Bullish on Gala, dYdX and One Red-Hot Altcoin – Here’s His Outlook appeared first on Crypto News Australia.
Filed under: Bitcoin - @ December 7, 2023 1:31 am