- GALA crypto price breakout 50 day EMA with a strong bullish candle and approaching 200 day EMA
- GALA prices surged 180% form the recent lows at $0.01542 and showing signs of bullish trend reversal
GALA crypto price is trading with bullish cues and buyers are trying to show its presence on higher levels. Although prices seem to be near to overbought levels. Currently, the pair of GALA/USDT is trading at $0.04396 with the intraday gains of 8.54% and 24 hour volume to market cap ratio stood at 4.655
Is it safe to buy GALA after a massive rally?
On a daily time frame GALA crypto prices are reversing upwards with a strong bullish momentum and forming higher high candles. From the past few months, GALA prices are slipping down and keep on hitting new lows indicating the bear dominance, but recently after testing the low at $0.01542 prices reacted differently and witnessed a massive jump which has rewarded the short term bullish traders.
The 200 day EMA (green) at $0.05312 will act as an immediate resistance in coming days followed by the next hurdle at $0.07260. However if bulls succeed to trade above 200 day EMA we may see positional trend reversal in the favor of bulls. On the lower side $0.02390 and $0.01536 will act as a support zone and any dip towards support will provide a buying opportunity for GALA investors. The MACD had generated a positive crossover indicating the strength of bulls and the upward momentum may continue in coming days whereas the RSI at 88 denotes overbought level which may trigger minor sell off from the current levels.
As per technical chart, the GALA prices have shown massive rally along with a higher volume indicating some institutional buyers might have taken long positions and are expecting outperformance in coming months. However the current price levels look overbought and unattractive, so it’s better to wait for some sort of consolidation or minor corrections before jumping into GALA token.
Summary
GALA crypto is showing initial signs of short term trend reversal and prices are expected to hold a 50 day EMA breakout in coming weeks. However, prices seem to be overbought at current levels and minor corrections are also possible. Therefore, Investors and traders must look for buying opportunities near to 50 day EMA retracement by keeping $0.02000 as SL but if prices slips below $0.01536 all the long positions must be exited.
Technical levels
Resistance levels : $0.05000 and $0.07000
Support levels : $0.02390 and $0.01536
