๐น GALA's Impressive Price Increase: Since the 98% drop from 2021, GALA has remarkably rebounded, gaining nearly 120% from its support at $0.01271.
๐ค Team Issues and Strong Comeback: After some internal issues among the GALA team, including disagreements between the CEO and founders/co-founders, the coin has made a notable comeback.
๐ Current Resistance Challenge: GALA is currently facing a significant resistance at $0.02816.
๐ Rising Wedge in Daily Timeframe: The coin is in a rising wedge pattern, which is typically risky for continuation. If this pattern breaks down, there's a potential for a 33% drop to $0.01742, though this scenario seems less likely.
๐ Watching Bitcoin's Move: The next steps depend on Bitcoinโs reaction to its support at $36,358. A break below this level could lead to a decline to $32,800.
๐ Potential Impact on GALA: If Bitcoin loses its support, GALA may break its wedge pattern and experience a sharp decline.
๐ Bullish Scenario for GALA: If Bitcoin holds its support and moves towards its high, and simultaneously Bitcoin dominance fluctuates or drops, GALA could be one of the best coins to buy.
๐ Buying Strategy: Consider buying GALA after it breaks the $0.02816 resistance, especially for long-term holdings. Don't use a tight stop loss for long-term trades. For a safer entry, consider entering after it surpasses $0.03135.
๐๏ธ Volume Importance: Pay attention to the volume to confirm the trend.
๐ Related Categories:
Pattern Analysis
Resistance and Support
Volume Analysis
๐ฃ Whatโs your take on GALA's future? Share your insights! ๐๐ฌ #GALAToken #CryptoInsights #TradeCityPro
๐ Remember: Cryptocurrency markets are volatile. Always conduct thorough research before investing! ๐๐