In a recent surge of activity, GALA has broken out from key resistance trendlines, reclaiming horizontal resistance areas and signaling a potential reversal in trend.
Technical Analysis Reveals Bullish Indicators
- Weekly technical analysis shows a breakout from a 700-day descending resistance trendline.
- Despite the breakout, the weekly Relative Strength Index (RSI) remains neutral, indicating an undetermined trend.
Cryptocurrency Analysts Express Optimism
Cryptocurrency analysts are optimistic about the future prospects of GALA, citing the breakout from the long-term descending resistance trendline as a key factor.
Crypto Faibik, Cryptocurrency Analyst
I will be looking for an entry on GALA and will share my chart with you all later on.
Crypto Tony, Cryptocurrency Analyst
Price Prediction: Potential Upside and Downside Targets
The daily timeframe shows that the GALA price has broken out from a short-term descending resistance trendline since July.
- If the current upward trend continues, the GALA price could reach the $0.028 resistance area, 35% above the current price.
- However, a close below the $0.020 horizontal area could trigger a 23% drop, validating the $0.016 horizontal support area and the descending resistance trendline.
Caution Advised Despite Bullish Outlook
While the technical analysis and analyst sentiment suggest a potential long-term upward trend for GALA, investors are advised to proceed with caution.
The information contained in this article is for general information purposes only and should not be construed as financial advice.
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