Crypto News – According to the technical analysis on a weekly timeframe, last week saw the price of GALA break out from a 700-day declining resistance trendline. From the peak of $0.840 to the present, the trendline has been present.
GALA Price Breaks Out of the 700-Day Descending Resistance Line
However, the weekly Relative Strength Index (RSI) has not turned positive, though, despite the breakout. Although the indicator is rising, it is still below 50, suggesting that the trend is yet unknown.
In addition, GALA has risen 4.18% in the last 24 hours and 45.11% on a weekly basis, currently trading at $0.02045. Meanwhile, the cryptocurrency’s trading volume also increased by 192.90% to $277,494,477. Thus, GALA climbed to 13th place in the CoinMarketCap volume rankings.
GALA Price Analysis
The price of GALA has been falling under a short-term descending resistance trendline since July, as can be seen by looking at the daily timeframe. October 19 was the lowest point due to the decline, at $0.012. After that, the altcoin started to rise and the following day it broke out from the trendline. The trendline had been in place for ninety-five days at that point.
GALA crossed over the horizontal resistance zone between $0.016 and $0.020 during the breakthrough. The peak was attained on October 29 at $0.022. These indicators all point to a bullish trend when combined with the long-term breakout. Should the GALA price rise further, it may hit the resistance zone at $0.028—a whole 35% higher than its present value.
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