- Galxe coin price has been in an uptrend since June 2023.
- The GAL Coin price has shown a surge of 36% in a year.
- The current market price of the Galxe coin price is $1.405.
Soon after the listing the Galxe coin price has been facing a huge selling pressure from the bears and the bears have provided enough liquidity to the price. The Bulls were not able to absorb the liquidity and the result of which the coin price has shown a devastating selling from the bears.
The Coin price has formed a bearish structure on the chart as it has formed a lower high and lower low chart formation. However, the coin price has been in a sideways trend for most of the time this year. It has been rising slightly since June 2023. It has surged by over 36% in a year, which signifies that the bulls have dominated this year.
The GAL coin price started this uptrend in the middle of October 2023 and it has surged by over 22% in a month. The coin price has formed a good base near the level of $1.300 and the bulls are currently defending this level comfortably.
Will The Galex Coin Price Reach the $2 level?
In the current trading session, the coin price is trading with a surge of 2.55%. It indicates that the bulls are currently dominating the price and the sellers are looking weak at present. The total traded volume for the current trading session on the Binance exchange is 1 million.
The coin price has been supported by the Rising trendline and the coin price is currently inching towards the resistance level of $1.590. If it breaks this resistance level, it can move towards the level of $1.875. However, if the price reverses from this level, it can move towards the support level of $1.100. Apart from this, the other support for the price is present near the level of $0.937.
What The EMA and RSI Are Indicating About the GAL Coin?
The Galex Coin price is trading above both the 50-day and 200-day exponential moving average. The Bulls have recently gained control of the EMAs and the price has tested the strength of the bulls. It seems like, the EMA will show a golden crossover in the coming days.
The relative strength index is curving at 51.78, which shows that the coin price is favoring none at present. However, the slope of the RSI is coming down which indicates that the bears are getting the necessary momentum.
Conclusion
The Galxe Coin price has been in a sideways trend for so long and the bulls are showing some strength to breach the resistance level of $1.590. The coin price can witness some good upside if it breaks this resistance. However, the bulls need some reinforcement to challenge the sellers present there.
Technical level
- Resistance level – $1.590 and $1.875
- Support level – $1.100 and $0.937
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.