The GALA token displays an incredible rally in its technical chart. The token gave a minor consolidation phase between this rally which provided another entry opportunity for crypto traders. However, now the token is facing good resistance from the $0.39, and will it provide the same rally as before, is the answer that many seek.
Key technical points:
- The GALA token’s daily RSI chart reached the overbought territory
- The current price of the GALA token is $0.36, with an intraday gain of 56.2%
- The intraday trading volume in the GALA token is $3.4 Billion, indicating a 123.2% gain.
Source- GALA/USD chart by Tradingview
As mentioned in my previous article on GALA/USD, the token gave breakout from the crucial resistance of $0.117, providing an excellent long opportunity for crypto traders. The token initiated a remarkable rally which has so far gained 122% from this breakout point.
The GALA token has made the $0.39 mark as the new All-Time High level. The crucial EMAs(20, 50, and 100) indicate a super bullish trend, as the token price is trading high above these EMAs lines.
The Relative Strength Index(91) indicates that the token price is under a strong bullish sentiment. However, this also suggests the token has reached an overbought zone projecting a high chance of reversal.
GALA/USD Chart In The 4-hour Time Frame
Source- GALA/USD chart by Tradingview
The GALA chart shows that the price is currently facing sufficient resistance from the $0.39, displayed by a few higher price rejection candles. If the token price rejects from this level, the crypto trader can expect significant support at $0.278.However, as the Fibonacci extension level, the possible resistance level for this token would be the $0.42 mark.
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