GALA is still looking indecisive on the short-term perspective but it is currently showing signs of strength following a 13% increase in the last 24 hours. A daily close above $0.05 could bring a new shift in the trend.

The fundamentals surrounding Gala lately look positive and have generated a lot of bullish sentiments in the past hours. 

Gala, which has been looking indecisive since Monday, is now gaining positive traction as it poises for a huge move on the day. However, the price is still trapped and is yet to break away from its four-week range mode – accumulating for a massive explosion.

A bigger price movement should be expected if the bulls continue to gain control daily. Failure to sustain pressure may result in a pullback before regaining strength. 

Meanwhile, it has found support and is now sitting firmly above the $0.04 level for the past five weeks. Losing this level could trigger a breakdown, bringing the bears back into the market. Currently, the bearish momentum appears suspended on the daily chart.

Above all, GALA is still on the bulls’ radar as it continues to gain traction on the day. But it must break out of the current range-bound mode to consider a bullish shift. For now, the bias for Gala remains neutral-bullish at the time of writing.

Gala’s Key Level To Watch

Source: Tradingview

If Gala manages to close above $0.05 today, the next resistance level to watch out for is $0.053. A break from there could propel buying to the $0.0597 resistance before rallying to $0.069 in no time.

In case of a crackdown, the weekly $0.0375 low should be considered as support. Below it lies last month’s $0.0345 low, followed by $0.03 and $0.025.

Key Resistance Levels: $0.053, $0.0597, $0.069

Key Support Levels: $0.0375, $0.03, $0.025

Spot Price: $0.0479
Trend: Bullish
Volatility: Mode

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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Filed under: Bitcoin - @ May 22, 2024 3:19 pm