Seller Ready To Crack Another Bearish Breakdown

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Published 9 mins ago

Following the April-May downfall, the GALA price witnessed a short consolidation above the $0.6 level. The consolidation formed a symmetrical triangle pattern which should bolster the upcoming rally. However, the interested need to wait for a triangle breakout before positioning their funds. 

Key points: 

  • The symmetrical triangle pattern acts as a no-trading zone. 
  • The 20-day EMA may restrict triangle breakout
  • The intraday trading volume in the GALA is $1 Billion indicating a 50% gain

GALA/USDT ChartSource-Tradingview

The GALA sellers breached the January low support($x) on April 26th indicating the extension of the ongoing downtrend. The post-retest fall boasted by May bloodbath slumped the altcoin by 71%, as it reached a low of $0.0494.

Furthermore, the new buyers entering this discounted price have caused a minor consolidation above the $0.06 mark. The wavering price shows the formation of a symmetrical triangle pattern. 

The GALA price is narrowing within this range for three weeks now, suggesting the traders may soon witness a breakout. Moreover, this triangle holds the possibility to breach either of the trendlines. 

If GALA price pierced the overhead trendline, the buyers would drive the price 112% higher to the $0.163 mark. However, the altcoin need to reclaims the $0.77 resistance to indicate a genuine recovery.

On the flip side, a possible fallout from the triangle will plan a revisit to the $0.5 psychological mark. 

Technical Indicator

The Daily-RSI slope shows a gradual bullish recovery with the support of a 14-day SMA. The values cross into the nearly overbought zone and represent a retest phase of the broken halfway line.

However, a bearish sequence of the 20-and-50-day EMAs represents a correction phase in motion. Moreover, the falling ADX projects a fall in trend momentum which lowers the possibility of a bullish breakout.

  • Resistance level- $0.13, and $0.165
  • Support level- $0.074, and $0.05

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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