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Gaming crypto GALA rallies nearly 350% in November — Correction ahead?

cointelegraph.com 22 November 2021 18:55, UTC
Reading time: ~2 m

Gala Games' in-house currency GALA rallied by nearly 350% in November, ignoring corrections across the top cryptocurrencies, including Bitcoin (BTC). Notably, GALA price surged from $0.088 to $0.42 between Nov. 1 and Nov. 22.

A breakout confirmation will appear as GALA closes below the neckline with convincing volumes. Should that happen, the Gala Games crypto would shift its downside target at a length equal to the maximum distance between the Head's top and neckline.

Related: Metaverse gaming tokens Ethverse and Axie Infinity avoid crypto downtrend

That may end up putting GALA en route to $0.24, or about 34% below the potential point of breakout.

Bearish divergence/Bull Flag

In addition to H&S, GALA showed a clear divergence between its rising prices and falling momentum.

Notably, the cryptocurrency's price formed a string of higher highs. In contrast, its relative strength index (RSI), which measures the magnitude of price changes to evaluate an instrument's overbought or oversold conditions, formed lower highs, as shown in the chart below.

The profit target for the bull pennant sits near $0.69, given GALA breaks out of its Triangle range to the upside with a rise in trading volume.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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