In a highly ambitious case, the crypto could extend the run-up to almost equal highs at $0.297, bringing the total gain to 87% from the current position. Clearing these hurdles would be the secondary confirmation of the uptrend and that the gaming token is on track to reach the target at $0.243. Additional roadblocks would emerge from the 50-day and 100-day Simple Moving Averages (SMA) at $0.211 and $0.231 respectively. GALA/USD Daily Chart TradingView Chart: GALA/USDĪ continuation of this momentum is likely to propel GALA towards its first hurdle at the $0.20 psychological level. Therefore, the resulting upswing is backed by strong support from the aforementioned level.
Moreover, this move comes after the price bounced off the $0.128 major support line. This is a highly bullish technical formation forecasting a 56% upswing to $0.243, obtained by adding the distance between the first swing high and swing low to the breakout point.Īt the time of writing, Gala’s price had rallied roughly 12% over the last 24 hours and was hovering at $0.157, close to the resistance line of the falling wedge.
#Bullish falling wedge series
This crash set a swing low at $0.120 on April 30, indicating the end of bears’ control.ĭuring this southward move, GALA created a series of lower highs and three distinctive lower lows, which when connected using trend lines, create a falling wedge chart pattern.
GALA has been on a downtrend for roughly three months and has crashed nearly 81% from its all-time high of $0.869. After bouts of trying and failing, GALA was close to breaking out and starting an uptrend. Gala (GALA) was struggling to escape from a significant bullish technical pattern, a breakout from which, could result in massive gains for early buyers.
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