The gaming cryptocurrency – Gala surged by roughly 2% today following a slight bounce yesterday. The monthly bullishness seems to be suspended as it now forms a bullish pattern on the daily chart.

Unlike larger-cap coins that rolled back to the bottom last two weeks, GALA looks a bit far from there but it has found support as well and now looks poise for an increase. 

Last week saw the price through a small recovery to the peak of $0.035. Unfortunately, it encountered resistance there and fell back near its two weeks low. It picked up a bit yesterday and reiterate positive actions today. 

This recovery is likely to target a key resistance line if the price climbs above last week’s peak price. If that fails to occur, the price could range for a while before breaking away. 

Gala is currently supported by the $0.0272 level. If that price level cracks, a continuation of the monthly bearish should be expected in due course. The suspended bottom would be the area to watch for a test. From there, we can expect a proper trend reversal. 

If a reversal fails to occur, a drop below that bottom could cause a devastating crash. However, looking at the double-bottom formation on the daily chart, the crypto looks set for an increase. On a yearly scale, the price is still down by 65%.

Gala’s Key Level To Watch

Source: Tradingview

Following the latest bullish pattern, the $0.036 resistance level is the first obstacle for the asset. Overcoming that resistance could increase the price to $0.040, where the resistance line is located. Above it lies $0.045.

Below the holding support lies $0.025 in case of a breakdown. Lower support levels to consider for selling pressure are $0.021 and $0.017 near the bottom.

Key Resistance Levels: $0.036, $0.040, $0.045

Key Support Levels: $0.025, $0.021, $0.017

Spot Price: $0.03
Trend: Bearish
Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: evpv/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ May 26, 2023 7:06 am