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Cryptoknowmics 2022-03-09 09:48:32

GALA Technical Analysis: Divergence Within Triangle Teases Breakout

GALA coin price forms a morning star pattern near the $0.20 support zone, increasing the possibility of a bullish reversal. Key technical points: GALA coin price approaches the $5 mark The RSI slope surpasses the 14-day average The 24-hour trading volume of the gaming token is $54 million, marking a 135% rise. Past Performance of GALA GALA prices show a bullish reversal within the descending triangle as the prices found demand near the $0.20 support zone. The turnaround gains more credibility with the morning star pattern and may shortly reach the supply-rich resistance trendline. Source-Tradingview GALA Technical Analysis GALA prices show an overnight growth of 10% resulting in the bullish engulfing candlestick reflecting the release of underlying momentum. Therefore, a breakout of 200-day EMA will result in a price jump to $5.50. The 50-day EMA maintains a downtrend as the prices fail to sustain above it. The recent rejection from the 50-day EMA pushed the prices lower to the support zone. However, the breakout of the EMA moving along with the highly influential resistance trendline will result in a high momentum uptrend. RSI Indicator: The RSI slope surpasses the 14-day average with a parabolic reversal, indicating a high likelihood of exceeding the 50% mark and the sideways trend. Stochastic RSI Indicator: The K and D lines generate a bullish divergence with the recent crossover above the oversold boundary. In short, GALA ...

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