GALA’s $0.05 price push – Traders should expect more upside because…
- GALA noticed robust bearish momentum in current days that drove the RSI under 50
- OBV fell to mirror promoting, however the liquidity pooled round $0.052
GALA, on the time of writing, was up 35.4% from its native low at $0.0295, shaped lower than 24 hours in the past. Bitcoin’s [BTC] volatility dragged sentiment throughout the market by means of the mud, and lots of altcoins shed greater than 20% to 30% from their native excessive to the native backside.
The truth is, GALA skilled a 55% drawdown from $0.0665 to $0.0295. At press time, it was buying and selling at $0.04. Within the coming days, it might consolidate across the $0.05-level for some time earlier than rallying larger.
Bearish construction and momentum dominate GALA
Supply: GALA/USDT on TradingView
The $0.045-$0.05 zone had been an vital resistance zone in April and Could of 2024. The rally in November noticed the altcoin’s value smash previous this zone and retest it as assist within the second week of December.
The 78.6% Fibonacci retracement degree at $0.028 was practically retested as assist. Within the decrease timeframes, a transfer previous $0.0427 could be a short-term bullish signal.
The OBV took successful and has trended south in December. Nonetheless, at press time, it was nonetheless a wholesome margin larger than the place it was six weeks in the past. This appeared to be a sign of agency shopping for stress in current weeks and bodes properly for one more GALA transfer past $0.05.
Nonetheless, the market construction of the altcoin was bearish. A day by day session shut past $0.0547 would flip the construction bullishly.
Liquidity pockets to the north beckon the value
To the south, the $0.033 and $0.029 ranges had marked sizeable liquidity concentrations. Each have been swept in current days, and the value has strongly bounced since then. The current bounce seemed to be heading for the $0.047 and $0.052 ranges subsequent. Past that, it was arduous to gauge if there was sufficient short-term demand to gasoline additional features.
Learn Gala’s [GALA] Value Prediction 2024-25
The $0.052-$0.056 zone is an attention-grabbing zone of the liquidation heatmap. It’s a goal for GALA over the subsequent week, however a transfer additional larger might be tough instantly afterwards because the bulls would want time to consolidate.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion
