Can GALA Turn Bullish AMid Continuous Accumulation By Hodlers?

18 Sep

GALA's price performance was robust until early March 2024, peaking at $0.086279. However, it struggled to maintain these gains, with the bullish trend failing and the price forming lower lows amid a declining trendline.

Efforts to sustain gains were evident as the GALA price formed a support level at $0.0384 following a liquidity grab on April 13, 2024. For nearly two months, the price consolidated within a Darvas box range in an attempt to surge.

On June 7, 2024, the support was lost following a significant sell-off from the upper boundary of a wedge formation. It coincided with the 50-day and 200-day EMA bands.

The breakdown of the Darvas box indicated a loss of critical support for the bulls. This resulted in a sharp decline of over 75% from the ATH of 2024, as the price fell within a narrowing wedge.

Despite these setbacks, the GALA chart showed a liquidity grab on August 5, 2024, and over the past 45 days, the price has only recovered 36% of its previous gains from the historical demand zone.

The 20-day, 50-day, and 200-day EMA bands present significant resistance that could hinder further gains. However, the possibility for the outlook to change would be, if GALA manages to break through these levels.

A critical level to watch in a bullish stance is $0.02686, which could be pivotal for a potential rebound and Change of Character (CHoCH).

Per the GALA price prediction, support levels were at $0.012533 and $0.016055. On the other hand, resistance levels were at $0.026864 and $0.038141.