- GALA noticed sturdy bearish momentum in latest days that drove the RSI under 50
- OBV fell to replicate promoting, however the liquidity pooled round $0.052
GALA, on the time of writing, was up 35.4% from its native low at $0.0295, fashioned lower than 24 hours in the past. Bitcoin’s [BTC] volatility dragged sentiment throughout the market by way of the mud, and lots of altcoins shed greater than 20% to 30% from their native excessive to the native backside.
In reality, GALA skilled a 55% drawdown from $0.0665 to $0.0295. At press time, it was buying and selling at $0.04. Within the coming days, it might consolidate across the $0.05-level for some time earlier than rallying greater.
Bearish construction and momentum dominate GALA
Supply: GALA/USDT on TradingView
The $0.045-$0.05 zone had been an essential resistance zone in April and Might of 2024. The rally in November noticed the altcoin’s value smash previous this zone and retest it as assist within the second week of December.
The 78.6% Fibonacci retracement degree at $0.028 was practically retested as assist. Within the decrease timeframes, a transfer previous $0.0427 could be a short-term bullish signal.
The OBV took successful and has trended south in December. Nonetheless, at press time, it was nonetheless a wholesome margin greater than the place it was six weeks in the past. This gave the impression to be a sign of agency shopping for stress in latest weeks and bodes nicely for one more GALA transfer past $0.05.
Nonetheless, the market construction of the altcoin was bearish. A each day session shut past $0.0547 would flip the construction bullishly.
Liquidity pockets to the north beckon the worth
Supply: Coinglass
To the south, the $0.033 and $0.029 ranges had marked sizeable liquidity concentrations. Each have been swept in latest days, and the worth has strongly bounced since then. The latest bounce gave the impression to be heading for the $0.047 and $0.052 ranges subsequent. Past that, it was arduous to gauge if there was sufficient short-term demand to gas additional positive factors.
Learn Gala’s [GALA] Price Prediction 2024-25
The $0.052-$0.056 zone is an attention-grabbing zone of the liquidation heatmap. It’s a goal for GALA over the subsequent week, however a transfer additional greater may very well be troublesome instantly afterwards because the bulls would wish time to consolidate.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion
