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Cryptoknowmics 2022-08-13 09:55:38

GALA Technical Analysis: GALA Price Ready For A Comeback To $0.10

The GALA price action shows an inverted head and shoulder forming within a consolidation range, teasing a price jump to the $0.10 mark. Key Technical Points: The GALA price has increased by almost 45% in the last month. The increasing price displays a power struggle at the 100-day SMA. With a market cap of $469 million, the intraday trading volume of Gala Games has increased by 41% over the last 24 hours to reach $354 million. Past Performance of GALA The GALA prices take a positive turnaround from $0.046 with a double bottom breakout resulting in a price jump to the 100-day SMA. The bullish reversal comes after a long phase of consolidation with overhead resistance at the $0.070 supply zone. Moreover, the price action indicates an inverted head and shoulder pattern within the range teasing a bull run above $0.070. Source – Tradingview GALA Technical Analysis The higher price rejection in the GALA prices reflects a rise in bearish influence, projecting a reversal possibility. That is why traders hoping to write the bullish trend must wait for a daily candle to close above $0.070. The bullish turnaround challenges the 100-day SMA, while the lateral shift in the 50-day SMA reflects an improvement in the underlying bullishness. The diagonal uptrend in the daily RSI slope with the support of the 14 days average line reflects growth in buying pressure. Supporting the RSI indicator, the fast and slow lines maintain a positive trend ...

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