Yesterday I made an analysis on GALA where I discussed the possibility of the bottom being in for this severely shorted coin. My first target, the top dotted resistance, got hit within hour. Congratulations if you took the trade.
I wanted to wait and see what the price would do on the dotted trend line. We would either reverse of break out. As of now, we can see that GALA saw a big break out right through the resistance.
In my view, this is very bullish. Furthermore, I'd even argue that GALA's bear market bottom is likely to be in. Sure, we can see another drop, but I doubt that GALA will drop over ~45% over the next months, unless we get some severe sell-off (sub 10k) in Bitcoin.
My targets are in blue.
I wanted to wait and see what the price would do on the dotted trend line. We would either reverse of break out. As of now, we can see that GALA saw a big break out right through the resistance.
In my view, this is very bullish. Furthermore, I'd even argue that GALA's bear market bottom is likely to be in. Sure, we can see another drop, but I doubt that GALA will drop over ~45% over the next months, unless we get some severe sell-off (sub 10k) in Bitcoin.
My targets are in blue.
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