Technically, GALA/USDT shows a bearish trend, as the coin has recently formed a lower low at $0.155. However, the bulls are still active at this discounted GALA price, sustaining the alt above $0.18. RSI slopes are rising, which could lead to a rally above $0.22 resistance.

Key technical points: 

  • The daily-RSI signals rise in underlying bullish momentum.
  • The intraday trading volume in the GALA is $314.2 Million, indicating a 27% loss.

TradingView ChartTradingView ChartSource- Tradingview

During the late second week of January, the GALA/USD showed an 18% relive rally from the $3 support. However, the recent bloodbath in the crypto market took a significant toll on GALA price and tumbled the alt by 50% to the $0.18 mark.

The buyers managed to defend this support, displaying long wicks at the bottom. However, they are still struggling to surpass the $0.22 resistance, resulting in a range-bound movement for the past two weeks.

Despite sideways price action, the Relative Strength Index(38) slope rallies higher, regaining the 14-SMA. Increasing strength among buyers indicates a more likely upside breakout. 

However, the downsloping 50-SMA indicates bears are dominating. Moreover, the coin chart offers a 50 and 100 SMA bearish crossover, encouraging sellers to rally south.

The GALA Price Resonates In A Symmetrical Triangle Pattern

TradingView ChartTradingView ChartSource- GALA/USD chart by Tradingview

The consolidation in price shows a symmetrical triangle pattern in the 4-hour time frame chart. This pattern could provide an excellent directional move to crypto traders once the price breakout from either side trendline.

Concerning the bullish indicator from daily RSI, an upside breakout of the triangle would lead the price to an immediate target of $0.22. However, this overhead resistance is crucial for buyers to initiate a genuine recovery rally.

  • Resistance levels- $0.22 and $.027
  • Support levels- $0.18 and $0.155
Disclaimer
Although the material contained in this website was prepared based on information from public and private sources that GalaKnight.com believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and GalaKnight.com expressly disclaims any liability for the accuracy and completeness of the information contained in this website.  
About Brian Bollinger
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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