On March 28th, the GALA sellers tried to revert altcoin from $0.273 resistance, initiating from a long-tail rejection candle. However, they couldn’t follow up on the selling momentum, which allowed buyers to rechallenge the overhead resistance. Can buyers surpass this intense supply pressure and make their way to the $0.36 mark.
Key points:
- GALA Buyers Plan To Escape The Consolation Through A $0.27 Breakout
- The MACD indicator’s fast and slow line has pierced through the neutral zone.
- The intraday trading volume in the GALA is $1 Billion indicating a 2.38% loss.
Source- Tradingview
The GALA price broke above the descending trendline on March 19th, signaling the end of the consolidation phase. The post-retest rally initiated a sloppy but steady rally which now challenges the local resistance of $0.273.
On March 28th, the coin chart displays a long-tail rejection candle at this overhead resistance, indicating the traders are aggressively selling above $0.273. However, the GALA price is 6% up today and reattempts to slice through the above ceiling.
If buyers succeed in closing the daily candle above $0.273 resistance, the potential rally will drive the altcoin 33% high to $0.36, followed by $0.4.
Alternatively, if sellers rejected altcoin from higher levels and forced a candle closing below $0.273, the GALA price may sink to $0.21 support and continue the consolidation phase for a few more sessions.
Technical Indicator
The recent rally pokes the upper band of the Bollinger band indicator, supporting the range breakout from the $0.273 mark. For the potential retest phase, the indicator’s midline could bolster the upcoming rally.
Moreover, the MACD indicator lines spike into the bullish region, suggesting the increasing underlying bullishness. Furthermore, the rising green bars on the histogram chart highlight steady buying from traders.
- Resistance level- $0.36, and $0.4
- Support level- $0.273, and $0.21
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