$0.07 Support Breakdown Tease 30% Fall in GALA

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The GALA holders losing the monthly support of $0.165 released the awaiting selling momentum. The extended correction has recently breached the $0.07 support, registering a loss of 62%. If sellers show sufficient sustainability below this breached support, the follow-up downfall will hit the $0.05 psychological level.

Key points: 

  • The GALA price weekly chart shows six consecutive red candles.
  • The daily-RSI slope slumped into the over the region
  • The intraday trading volume in the GALA is $352 Million indicating a 104% gain

GALA/USDT ChartSource- Tradingview

For the first four months of 2022, the GALA buyers aggressively defended the $0.178-$0.166 support zone. However, the formation of new lower highs indicated the sellers were exerting higher pressure on the coin price.

As a result, on April 29th, the GALA price broke down from $0.166 support, suggesting the resumption of the prevailing downtrend. The post retest fall breached the immediate support of $0.12 and depreciated the altcoin by 55%.

Furthermore, the GALA price retests the Sep-Oct 2021 bottom support of $0.07, threatening a fallout possibility. If sellers successfully breach this bottom support, the traders may witness a freefall to the $0.05 mark, followed by $0.02.

On a contrary note, if buyers revert the altcoin from $0.07 support, the potential rally may retest the $0.12 mark. Reclaiming this flipped resistance is crucial for traders to initiate a genuine recovery.

Technical Indicator

EMAs: the expanding gap between the downsloping EMAs suggests rising pressure. In addition, the 20-day implies constant resistance to the GALA price.

RSI: the sudden price drop has pulled the daily-RSI slope into the oversold territory. However, this overextended selling indicates that altcoin may witness a minor relief rally

Stochastic RSI: A sharp drop in the K and D line suggests a rise in underlying bearish momentum with no weakness.

  • Resistance level- $0.07, and $0.12
  • Support level- $0.05, and $0.02

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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