GALA is on its way to a positive price trajectory, with the token showing a high potential to reach new highs due to changing conditions in the crypto sector. Its price has surged by 5.85% over the last 24 hours and over the last week.
At the time of writing, GALA is trading at $0.006218, supported by a 24-hour trading volume of $32.33 million, up by 23.3% over the last 24 hours. However, its market capitalization stands at $292.08 million, placing the token among the market’s top performers.
Also Read: GALA Surges 13% Weekly, Setting Sights on $0.02200 Resistance
Long-Term Technical Structure Suggests Bullish Reversal
GALA has been forming a falling wedge formation since late 2021, which has been marked by lines of descending support and resistance. Falling patterns are known to be precursors to buy signals after a period of prolonged decline. Currently, it is testing the lower support level of $0.0055-$0.006, suggesting that sellers are leaving the market, which could set the stage for a strong upward rally.
The current price is approaching the bottom of the formation indicated by the green circle, which is the base of the wedge. There is a decrease in bearish momentum, as indicated by the week candles, which are experiencing smaller down candles as they touch their levels of support. Levels of resistance include $0.013 to $0.017, followed by $0.03 to $0.04.
Volume is low, tapering during the consolidation phase, and peaking during the follow-throughs to the upside. Breakout points will need significant buying force to close the week above the level of resistance. The target to the upside for the extended bull run is pegged at $0.075. The falling wedge pattern here paints a reversal picture when the price stages a breakthrough above the level of resistance with supporting volume.
Short-Term Indicators Show Growing Momentum
On the GALA 4-hour chart, the price is approximately $0.00621, and it appears to be range-bound with a slightly bullish trend. Current candle actions indicate that there is some stabilization following a fall in price, although there isn’t any breakout yet. Volatility is also moderate, but participants are waiting for a clear directional move to enter the market.
RSI is close to 62, indicating strong bullish strength without being overbought, and the signal line lag indicates bullish strength in recent prices. The MACD is starting to move into the positive regions with a bullish crossover in development and a green histogram bar, suggesting a strong bullish momentum.
Also Read: Gala price breakout targets $0.040 as RSI and MACD strengthen
