Bulls are Dominating Galxe Coin; Will Bears Make a Comeback?

• 76,10,000 GAL tokens will be unlocked on 5th November 2023.
• The Galxe coin price has surged by over 22% since 19 October 2023.
• Galxe coin has formed an ascending triangle pattern on the daily chart.

Soon after it was listed on the Binance Exchange, the Galxe coin price started its downfall. Apart from some minor pullback in between, the bulls had surrendered against the bears. It formed a lower high and lower low pattern on the daily chart, which confirmed the downtrend. In the current trading session, Galxe has shown a great upside but as the day progresses, it is losing its gains. The coin price has been trading flat for the seventh day in a row and this indicates that there is a tough battle going on between bulls and bears. The price has been in an uptrend since 19 October 2023, as it has surged by over 22% since then.

In 2023, the coin price showed a sharp jump and it surged by over 183%  in a short period. However, this uptrend didn’t last long and the price resumed its bearish trend. However, this fall was halted in June and the price entered a consolidation phase for some time. On 5th November, 7610000 tokens will be unlocked and it will be interesting to observe what effect this will have on the price.

An Outlook of the GAL Coin Chart

The GAL coin price has formed an ascending triangle pattern on the daily chart and it is close to the upper resistance level. Recently, the coin price has tested the support trendline for the third time and skyrocketed from there. This means that the trendline support is still strongly in the favor of bulls.

The GAL coin price has been facing resistance from the level of $1.452 and the other resistance level is also very close at $1.616. The trendline support is present near the $1.120 level. $1.079 has acted as a strong support for the price and can further provide its assistance. If the price falls lower, then $0.920 is also present as a support level. 

A Short Discussion on Exponential Moving Average and Relative Strength Index

In the recent bull run, the GAL coin price managed to close above the 50-day exponential moving average (EMA) and this is a positive sign for the bulls. However, the coin price is facing good resistance from the 200-day EMA, but bulls are looking strong at the current levels. The relative strength index (RSI) is curving at 60.50 and it has recently entered the overbought trajectory. This might cause a correction to cool off the momentum and resume the uptrend.

Conclusion

In recent times, the GAL coin has witnessed a good jump in its price. If we observe the recent price action of the coin, the trend is still looking bullish. However, the crucial levels to watch out for will be $1.452 on the upper side and $1.079 on the lower side.

Technical Level

• Resistance – $1.452 and $1.616
• Support – $1.079 and $0.920

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.