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A post-retest rally from the channel pattern breakout could push the GALA/USDT pair back to the August swing high of $0.07. The GALA/USDT pair daily showcases a short-term range-bound movement between the $0.07 and $0.0465 barriers. Furthermore, with the recent widespread sell-off in the market, the bears offset the July to early August gain and plunged to bottom support of $0.0465. Thus, a retest to this high accumulation zone offers a reversal opportunity for coin holders.
Key Points:
- The GALA price breaks the falling channel pattern.
- The coin price has surged 14% in the last six days.
- The intraday trading volume in GALA is $166 million.
Source - TradingView
GALA Technical Analysis
The GALA price was wavering near the $0.0465 support for nearly a month, trending lower into a falling channel. Once the prices break above the resistance trendline, this pattern usually results in a strong directional rally. Thus, on September 9th, the GALA price gave a decisive breakout of the pattern trendline, hitting an early sign of a bull run. The coin price currently trades at the $0.051 mark, with an intraday fall of 1.81%. The Doji-type candles in the retest phase reflect a quarrel between buyers and sellers. Hence, if the buying pressure persists, the altcoin could rise 34% to the top resistance of $0.07. On the contrary, a failed breakout would offer sellers another opportunity to breach the $0.0465 support.
Technical Indicators
The daily-RSI slope on the verge of crossing above the neutral line will give additional confirmation for a bullish reversal. A bullish crossover between the MACD and signal lines gives interested buyers a buy signal. Similarly, these may soon enter the bullish terrorist indicating the buyers are controlling the price action. Thus, the indicators maintain an optimistic outlook for GALA price recovery. Resistance Levels - $0.058 and $0.07 Support Levels - $0.0465 and $0.04