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- The GALA is bullish above the green zone of the Super Trend indicator.
- The market cap of the GALA coin has increased by 9.6% to $475 million in the last 24 hours.
- The RSI indicator is moving towards the overbought zone.
Following reversing from a 30-day low, GALA token trades in favor of buyers. While many cryptocurrencies have rebounded dramatically in the last two months, altcoin prices continue to struggle to survive their gradual recovery. The hurdles range from $0.07 to $0.046.
The GALA cryptocurrency daily price scale indicates a high-low pattern above the SuperTrend indicator’s green zone. Buyers recently concluded a 10-day short-term consolidation period.
The bulls are trying to break this horizontal range upwards. The $0.070 mark is still valid as resistance. However, bears do not indicate any activity yet. Buyers may struggle below this level this week. In the coming week, buyers are likely to push the asset price higher towards the conceptual round level of $0.010.
At the time of writing, the token is trading at the $0.0683 mark against USDT. The market cap has risen 9.6% to $475 million in the last 24 hours, according to CMC. Moreover, the price of GALA pair with Bitcoin is trading at 0.000002758 Satoshis, which is 6.3% higher. Amidst the high-end momentum, trading volume increased.
RSI is Moving Towards the Overbought Zone
The RSI indicator is showing a higher-high formation above the half-line (50-point) in the context of the daily price scale. The MACD indicator is also moving steadily higher in positive territory. Technical indicators suggest a slight upward trend for GALA.
Conclusion
The GALA token is trading near the resistance level of the horizontal range. The technical indicator supports buyers breaching this range bounding phase. In the coming week, buyers are likely to push the asset higher toward the conceptual round level of $0.010.
Support level – $0.06 and $0.50
Resistance level – $0.07 and $0.10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
