GALA Price Analysis: The GALA Token Gave A Decisive Breakout From This Crucial Resistance. Should You Buy?

Source : coingape.com

The GALA/USD Chart indicated an overall uptrend for this token. Though the GALA price was trapped in consolidation for quite a while, the crypto investors are encouraging the trending industry of metaverse, decentralized games, and NFTs. On November 15th, the GALA token broke out from a crucial resistance of the $0.117 mark, indicating a 30% gain in its intraday session. 

Key technical points:

  • The GALA token price provides a daily-candle closing above the $0.117 resistance
  • The GALA token shows a Cup and handle pattern in a 4-hour time frame chart
  • The intraday trading volume in the GALA token is $1.02 Billion, indicating a 435% hike

Source- GALA/USD chart by Tradingview

After giving a remarkable rally in September, the GALA token price entered a consolidation phase. The token kept resonating between $0.117 and $0.74 for almost two months until yesterday, when it finally gave a proper breakout from the $0.0117 resistance.

Before this, the GALA token could never give a daily candle closing above this crucial resistance. Therefore, with this breakout and strong support from the volume activity, the crypto traders can grab a great long opportunity for them.

The crucial EMAs(20 and 50) are in support of the GALA token. Moreover, the Relative Strength Index value at 66 indicates a bullish sentiment for this token.

GALA/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- GALA/USD chart by Tradingview

The GALA token displayed an additional confirmation for the long trader by forming a Cup and Handle pattern. However, similar to the retest phase in the daily chart, the handle portion of this pattern is yet to obtain proper support from the $0.117 level.

The crypto will get a great long entry opportunity if the price gets sufficient demand pressure from this bottom support. However, these traders can also wait for a $0.145 neckline breakout of this bullish pattern for even better confirmation.

The traditional pivot shows remarkable confluence with the daily MANA/USD chart level. According to these pivot levels, the crypto traders can expect the nearest resistance for this token to be at $0.145, followed by $0.17. As for the opposite end, the support levels are $0.08 and $0.074

.

.

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author

Leave a Reply

Your email address will not be published. Required fields are marked *