- The GALA coin price action shows bearish retracement after a spectacular bull run in the 4-hour chart.
- The GALA/BTC pair trades at 0.000006756 BTC with a rise of 6.72%.
- The 24 -hours volume for GALA coin is $3.16 Billion, indicating a 10% fall.
The GALA coin price action shows reversal from the $0.47 mark in the 4-hour chart. However, the bull run of more than 200% in the pasat three days showcases a solid uptrend. Hence, the retracement is an excellent dip to buy.
The GALA price shows a bullish trend, with its price trading higher than a all the crucial EMAs 50, 100, and 200. Moreover, the chart shows the EMAs ready to provide support to the retracement in the 4-hour timeframe.
The coin price shows higher price rejection; however, the price action indicate support levels at the $0.36 and $0.27 mark if the price retraces back. Moreover, on the flip side, the resistance levels are at $0.47.
Will The GALA Coin Price Surpass The $0.50 Mark?
As we have already mentioned, the GALA coin’s price is showing hipricgher e rejection resulting in the bearish retracement to the $0.36 mark. However, the decrease in trading volume indicates a fall in underlying bearish sentiments.
As of press time, the coin’s price is $0.4002. There has been a increase in value of 9.85% during the past 24 hours. GALA’s intraday trading volume also fell by 10%.
The RSI indicator indicates a rise for underlying bearishness as the slope fall from the overbought zone. The price action is consistent with the slope and enters the “nearly overbought”. The RSI indicator, therefore, gives a buy signal.
MACD indicators show that the MACD indicator is moving above the signal line, which is in a bullish alignment in the 4-hour chart. These lines are located above the centerline. This creates a buy sign.
Conclusion: From a technical perspective, the GALA coin shows higher price rejection, evident by the bearish engulfing candlestick in the 4-hour chart. And, the price action shows higher chances of a uptrend surpassing the $0.50 mark in the near future after retesting the $0.36 mark.
Support – $0.36 and $0.27
Resistance – $0.47