GALA is consolidating above a broken descending channel in a retest phase, signaling a potential shift from bearish to bullish structure. If support holds, the GALA price targets a strong bullish reversal. Indicators like RSI and MACD suggest cooling but still positive recovery momentum. According to TradingView, GALA is trading at $0.003946 with a weekly gain of 24.54%.
Source: CoinMarketCap
Also Read: GALA’s Falling Wedge Pattern Signals an Explosive Move Toward $0.07 Target
GALA Price Setup Signals a Strong Move to $0.0140
Furthermore, the crypto analyst Jonathan Carter pointed out that GALA is currently attempting a technical shift after prolonged weakness, as price action pushes above a well-defined descending channel on the daily chart.
This breakout attempt is now being tested through a retest phase, where the market is consolidating above the former resistance zone, seeking confirmation of support strength.
Instead of a sharp surge in the GALA price, the token is seeing a consolidation pattern, which is indicating indecision among both buyers and sellers.
However, this consolidation level, resting on top of the recovered channel, holds importance as it shall determine whether the reversal pattern will develop into a steady bullish pattern.
Source: Jonathan Carter’s X Post
As long as the level continues to offer support, the price levels of $0.0057, $0.0080, $0.0109, and $0.0140 remain on tap as upside price targets for GALA price.
Each price level acts as resistance, which means that the coin could either consolidate or even slow down and take a breather before making further moves. A breakout above this level could set the stage for a steady comeback for the asset.
GALA Momentum Indicators Point to a Recovery Attempt
According to TradingView, the GALA price appears to have recovered from its low of about $0.0026 recorded early last month.
The GALA price movement shows the formation of a round bottom, creating room for a breakout to levels near $0.0040. Although the downward candle indicates that the asset is due for some pullback, it is evident that higher lows are being registered.
Source: TradingView
Technical indicators reveal consolidation is about to follow in coming days. The RSI indicator is at 63.07 after correcting from the overbought zone, implying a more stable trend for the upcoming period of rising prices.
Meanwhile, the MACD is maintaining a bullish crossover formed back in April and still showing the green histogram bars. The level of $0.0040 can play a pivotal role in the GALA price breakout.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: GALA Descending Trendline Breakout Could Push the Rally Toward $0.011
