The overall trend for the GALA token is still bullish, and the minor correction phase in the token seems to be obtaining good support from the 0.5 FIB level. The token price is currently trading at the $0.52 mark, indicating an intraday gain of 8.39%. However, the price needs to breach the $0.56 resistance to better confirm a recovery phase.
Key technical points:
- The 20-day EMA providing strong support to GALA price
- The intraday trading volume in the GALA token is $953.4 Million, indicating a 14.96% loss.
Source- GALA/USD chart by Tradingview
The last time when we covered an article on GALA/USD, the token price plunged to the 0.5 Fibonacci retracement level where it indicates intense demand pressure with several lower price rejection candles.
However, even though the token managed to give a bullish breakout from the Flag pattern, the price is still struggling to cross the nearest horizontal resistance level of $0.575-$0.56.
The token price maintains a strong uptrend as per the crucial EMA levels(20, 50, 100, and 200). Moreover, the daily Relative Strength Index(56) sustained above the neutral zone even in this minor correction phase.
GALA/USD 4-hour Time Frame Chart
Source- GALA/USD chart by Tradingview
In this lower time frame chart, the GALA token has revealed an ascending triangle pattern in the 4-hour time frame chart. The neckline for this pattern is at the $0.56 mark, and the crypto traders should get an excellent long opportunity when the price gives a bullish breakout from this overhead resistance.
The MACD indicator’s lines are on the doorstep of its neutral zone(0.0), and if they manage to jump above this middle line, these traders will get extra confirmation for this bullish pattern.
The post GALA Price Analysis: the GALA Token Price Should Initiate A Recovery After Reclaiming The $0.56 Resistance appeared first on Coingape.
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