Analytics

GALA Technical Analysis: Morning Star Skyrockets GALA Prices 

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With Bitcoin surpassing the $30K mark, GALA prices pick up the recovery pace and jump more than 70% overnight with a morning star pattern. Key technical points:

  • The GALA price shoot 71% higher last night.
  • The Stoch RSI gives a bullish crossover.
  • The 24-hour trading volume of Gala Games is $913 Million, indicating a 23% hike. 

Past Performance of GALA

With the GALA prices falling under the bearish expanding channel last month, the market value depreciates by 75% to reach the $0.050 mark. However, the support confluence of the descending trendline and the $0.050 psychological mark results in a boom in buying pressure. 

Source-Tradingview

GALA Technical Analysis 

GALA price action shows a morning star pattern with an impressive lower price rejection resulting in a 72% boom overnight. Moreover, the volume indicator showcases the buying pressure skyrocketing in the last two days.  The bearish alignment of the crucial weekly SMAs is trending lower while the market price covers up the bearish spread. Hence, a power struggle can be soon at the 20-day SMA, determining the upcoming trend. The RSI slope exits the oversold zone with a sharp reversal forming a rounding bottom and surpassing the 14-day average line.  The Stochastic RSI displays a bullish crossover as the K line surpasses the D line in the oversold zone and starts a new bull cycle.  Hence, the momentum indicators reflect a shift of power and tease a potential trend reversal.  In short, the GALA technical analysis forecasts an uptrend continuation to the $0.12 mark.

Upcoming Trend

If the GALA coin price continues to gain buyer’s interest and the trading volume grows to support the price jump, traders can expect a bullish breakout. However, the breakout rally will be challenged by the bearishly aligned SMAs. Nonetheless, buyers entering at the current market price can expect a price jump of 30% this week. Support Levels: $0.075 and $0.050 Resistance Levels: $0.10 and $0.12  

   
Source

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