Rising RSI Foretells Breakout of $0.07 Resistance


Published 30 mins ago

While several cryptocurrencies have significantly recovered in the past two months, the GALA price struggles to escape its consolidation phase. This range of barriers is spread from $0.07 to $0.046. Furthermore, another fundamental perk of GALA is the launch announcement of GALA film by partnering with Stick Figure Productions. This news should attract more buyers to the market, encouraging a bullish breakout from $0.07.

Key points: 

  • The GALA price needs a $0.07 breakout to end price consolidation
  • The daily-RSI slope shows an evident bullish divergence 
  • The intraday trading volume in the GALA is $479.2 Million indicating a 4.1% loss.

GALA/USDT ChartSource- Tradingview

Amid the July-end recovery, the GALA price rebounded from the $0.046 support and surged 45.1% higher to hit the $0.067 supply zone. While the crypto market is still struggling with uncertainty as Bitcoin showcased failed attempts to surpass $24000, the GALA price has been wavering below the aforementioned barriers.

If the selling pressure persists, the GALA price may revert from the $0.067 resistance and trigger another bear cycle within the range-bound rally. Moreover, a breakdown below the in-between support of the $0.058 mark would give better confirmation for a bearish reversal.

Thus, the anticipated reversal may plunge the GALA price 26.6% down to revisit the $0.046.

On a contrary note, if the buyers manage to break the overhead resistance and provide a daily candlestick closing above $0.7, the range breakout would accelerate bullish momentum. The resulting bull run may drive the altcoin 28% higher to the $0.09 mark.

Technical Indicator

RSI indicator: the Daily-RSI slope shows a bullish divergence with price action since Mid may indicate a strengthening of bullish sentiment. Thus, this divergence suggests the price should eventually break out from the $0.07 resistance.

Bollinger Band indicator: the coin price trading above the midline indicates the buyers hold an upper hand. However, the indicator’s upper band wobbling near the $0.007 supply zone provides an additional hurdle against price recovery.

  • Resistance level- $0.07 and $0.09
  • Support levels- $0.0582, and $0.0517

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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