GALA Price Prediction: A renewed recovery sentiment is spread across the crypto market as Bitcoin price regained value above $71000 on Wednesday’s U.S trading session. Along with the majority of major altcoins, the Gala token witnessed a significant inflow showcasing a 4-day rally from $0.042 to $0.0485. This 13% upswing teases a breakout from the resistance trendline of a symmetrical triangle pattern carrying the consolidation phase for nearly two months.

Also Read: Bull Run: Can Crypto Market Reach $3 Trillion, With Bitcoin Price Above $71,000?

GALA Price Prediction Signals Bullish Reversal Amid Symmetrical Triangle Breakout

GALA Price Prediction| Tradingview

The current correction trend in the GALA token has been active for nearly three months. The downward trend has tumbled the altcoin value from $0.086 to a $0.033 low registering a 61.4% loss.

However, with the broader market witnessing a rebound sentiment in May, the GALA buyers managed to hold their ground above $0.0385. Utilizing the trend-defining 200-day EMA as active support, the downward trajectory in this altcoin shifted sideways resonating with two converging trend lines.

The trendlines providing dynamic resistance and support have revealed the formation of a symmetrical triangle pattern. Currently, the GALA price trades at $0.046 teasing a breakout from the pattern’s overhead trendline. 

While the GALA token shows a sideways action in the price chart, the future open interest has projected notable growth as per Coinglass data. This derivative data tracing tool shows that the asset’s OI value surged from $63.5 million in mid-May to the current value of $130.41 million. 

This increase of approximately 105.37% indicates robust trading activity and growing market interest, suggesting potential for future price movements.

Also Read: Crypto Prices Today June 5: Bitcoin Breaches $71K, Altcoins ETH, SOL, & Others Mimic Pump

Moreover, GalaSwap has introduced the Project Token Creation Tool, allowing users to create custom tokens on GalaChain. Users can create tokens by burning GALA and submitting them for approval by Founder’s Node operators. Approved tokens reward operators with a portion of the new tokens.

BIG news! Create your own tokens now with the new Project Token Creation Tool on GalaSwap!

Burn $GALA, submit for community approval, and see your token live. https://t.co/Rj7KjoAl8C#GalaChain #Crypto #Blockchain

— Gala Games (@GoGalaGames) June 5, 2024

This tool aims to enhance the Gala ecosystem by empowering the community to launch various tokens, from meme coins to utility tokens for projects. The process includes a non-refundable fee and a burn allowance, with tokens listed on GalaSwap upon approval.

Amid this development, the GALA token shows a higher potential for reversal which will be confirmed with the triangle pattern breakout. A potential breakout from overhead resistance will accelerate the buying momentum and bolster buyers to chase a potential target of $0.07, followed by $0.0867.

Technical Indicator:

BB Indicator: The narrow spread in Bollinger band indicators indicates heightened volatility and a need for a suitable breakout for buyers to regain control.
Relative Strength Index: A slow yet steady increase in the trajectory of the daily RSI slope indicates a growing bullish momentum.

The post GALA Price Prediction Hints $0.08 In Sight As Open Interest Soars 105% appeared first on CoinGape.

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Filed under: News - @ June 5, 2024 7:17 pm