After a very bad week, GALA prices have rallied in relief as the cryptocurrency market has stabilised and appears to be headed for a bullish comeback. The gaming token hints at a likely upswing continuation with a bullish turnaround from the psychological level of $0.050.
The price of GALA displays demand pressure at a support level of $0.05. The 20-day EMA changed from possible support to resistance. The $225.5 million in intraday trading volume for GALA indicates a 9% rise.
The GALA prices increased by 54% following a positive trend in July, but greater price rejections from the $0.070 resistance in mid-August prevented further price growth. The market value decreased by $2.65% in a week as a result of the increased selling pressure at the overhead resistance, which caused the price to fall to the demand zone at $0.050.
A bullish approach of a positive reversal with an inverted head and shoulder pattern is yet evident in the price movement. The neckline of the bullish pattern is defined by the previously mentioned overhead resistance of $0.070.
A price spike to complete the bullish pattern is also more likely given the recent bullish reversal from the $0.050 demand zone. But the absence of a spike in trade volume to back the positive reversal raises doubts about the likelihood of a trend continuance. However, if the downturn that is now in place picks up speed, the GALA price might drop to the $0.0545 support level, undercutting the buyers at the psychological level of $0.050.
The rising Daily-RSI slope, an RSI indicator, supports the positive assumption that prices will rise over $5.5. Additionally, the signal line that is about to cross above the midline will provide purchasers more assurance.
DMI Indicator: As the market price rises, the possibility of a bullish crossover is projected by the DI lines. The ADX line, on the other hand, continues to move downward, indicating that the velocity of the price movement is weak.
Levels of resistance: $0.057 and $0.64
Levels of support: $0.05 and $0.044
