- The Gala Coin price has given a breakout of the downward-sloping trendline.
- It has surged by over 64% in a month.
- The current market price of the Gala Coin is $0.02485.
After the listing, the GALA Coin price has shown great strength in the favour of bulls and it has surged massively from the lower level. The coin price has created an all-time low level of $0.000151 on December 28, 2023.
From the lower level, the coin price has witnessed a sharp rally on the upside and it has reached an all-time high level of $0.8367 on November 26, 2021. However, from this high, the coin price has fallen massively.
At present, the GALA Coin price is trading with a discount of over 97% from the highs, which have surely given some headache to the investors. It is still trading with good selling pressure.
The Gala token price has formed a lower high and lower low chart formation, which confirms the downtrend of the token. It needs some serious surge from the current level to change the chart structure to bullish.
Can GALA Coin Achieve The $0.05000 level in 2024?
The coin has formed a downward-sloping trendline and it has recently breached this trendline. It has breached the trendline with a strong bullish candle and volume, this confirms that the breakout was genuine.
GALA coin’s price has formed a double-bottom pattern on the daily chart, and it has shown a positive movement after that. Currently, the coin price has been consolidating in a range.
GALA coin price has formed a consolidation range where the price is facing strong resistance from the level of $0.02710. If the price breaks this level, it can move towards the other resistance level of $0.03263.
Considering the support level of the coin, it is present near the level of $0.02193, from where the coin is getting support at present. The other support for the coin is present near the level of $0.01807.
What Do the EMAs and RSI Indicate on the GALA Coin Chart?
GALA coin price has recently crossed the 50-day and 200-day exponential moving average (EMA), which is a bullish sign. The slope of the 50-day EMA is rising sharply and it can soon witness a golden crossover, which is also a bullish sign.
The relative strength index (RSI) is curving at 57.36, which is currently favouring the bulls. However, the slope of the RSI is in a downward direction which shows that bulls have lost momentum.
Conclusion
The GALA coin price has shown a great surge in recent times and it has been consolidating in a range. The bulls need to cross the resistance level of $0.02710 to show some good upward move.
Technical level
Resistance level – $0.02710 and $0.03263
Support level – $0.02193 and $0.01807
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.