GALA Price Analysis: GALA Token Surged 240% In Just Four Trading Says; What Next?

Source : coingape.com

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

TradingView Chart

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.

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