Gala (GALA) Price Reaches New High, Bulls in Control
• GALA/USD is trading at $0.052, approaching the resistance level of $0.053.
• The 9-day and 21-day moving averages are above each other, indicating a bullish trend.
• The Relative Strength Index (14) is trading within the overbought region, suggesting more buy signals.
The cryptocurrency market has seen a surge in activity over the past few weeks, with the Gala (GALA) token being no exception. The token has recently hit a new daily high of $0.053, signifying a strong bullish trend.
The GALA/USD pair is currently trading at $0.052, just below the resistance level of $0.053. The 9-day and 21-day moving averages are both above each other, indicating a bullish trend. This is further reinforced by the Relative Strength Index (14), which is trading in the overbought region, suggesting more buy signals.
In terms of technical analysis, the Gala price is likely to continue to rally upwards as long as the buyers keep pushing it above the upper boundary of the channel. If the daily candlestick is closed above the channel, then it could break the $0.053 resistance level and reach the next resistance level at $0.070.
On the other hand, if the price breaks below the lower boundary of the channel, it could find support at the $0.030, $0.025, and $0.020 levels. This is further supported by the recent increase in volume, which suggests that the bulls are currently in control of the market.
Overall, the Gala price prediction looks positive as the buyers remain in control of the market. However, traders should exercise caution and be aware of the potential risks involved in trading cryptocurrencies.