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Cryptoknowmics 2022-04-02 03:32:58

GALA Drops 15% from March 2022 Peaks, Finds Support at $0.24

GALA is in a bullish breakout pattern above $0.24, adding three percent versus the USDT despite the intense selling pressure from March 31. The immediate resistance level stands at $0.30. Past Performance The token price is relatively stable at the time of press, adding three percent against the USDT as per the formation in the daily chart. Overall, GALA is in a bullish breakout formation amid headwinds of March 31. GALA Technical Analysis The token might be within a bullish breakout formation, as aforementioned. However, the bearish engulfing pattern of March 31 and the series of lower lows relative to the upper BB points to weakness. The inability of bulls to flow back and reverse yesterday’s losses may also indicate exhaustion. Aggressive traders may look to unpack on pullbacks in lower time frames. It is especially if there are losses below the 20-day moving average at the $0.24 mark. The immediate target, in that case, will be $0.20—or March 2022 lows. What to Expect Fundamentals support GALA bulls. Nonetheless, the candlestick arrangement in the daily chart favors sellers in the immediate term. This is valid unless there is a sharp reversal above the spinning tops of early this week at along $0.30. A close above that level may see GALA rocket to $0.38—February 2022 highs. Subsequently, this will confirm the bullish engulfing pattern of March 16, 2022.The post GALA Drops 15% from March 2022 Peaks, Finds Support at $0.24 a...

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GALA Drops 15% from March 2022 Peaks, Finds Support at $0.24

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