GALA Consolidates But Is Down 8%, Resistance at January 2022 Lows



GALA is in a consolidation inside a bull bar of mid this week. At spot rates, sellers are in control with immediate resistance at $0.18.

Past Performance

GALA coin remains under pressure when writing, trading within a bear break out pattern below $0.18 and January 2022 lows. Currently, the token is down eight percent in the past trading week versus the USDT. However, it is stable in the last 24 hours, moving sideways inside May 4 bull bar.

GALA Technical Analysis

 There are decent attempts to reverse losses of late April 2022. Still, bears are firm and GALAUSDT prices are within the May 4 bull bar. Despite the strong liquidation in the broader crypto market, this formation is bullish from an effort versus results perspective. GALA traders may look to align with the primary trend by shorting on every move towards $0.18. The first target, in this case, stands at April 2022 lows of $0.12. On the reverse side, bulls may find more entries above $0.18 if there is a relief rally from spot rates, confirming gains of May 4.

What to Expect from GALA?

Technical candlestick arrangement points to sellers. Nonetheless, the consolidation inside the May 4 bull bar and the inability of sellers this week to reverse losses is a net positive.


Source link

You May Also Like