Will it Continue its Bullish Streak?

The crypto markets are recovering as the Bitcoin price is slowly rising back towards the crucial resistance at $37,800. In times when the token was consolidating in a narrow range, some altcoins manifested extreme price action. The Gala price broke above the descending trend that it began in the first few weeks of 2023, after marking the yearly highs around $0.0623. Now when the GALA price is testing the crucial resistance, can it surpass it to set up a fine ascending trend?

GALA’s price has rebounded remarkably, gaining nearly 120% from its support at around $0.01271. The latest challenge is that the token is facing a significant resistance at $0.02816. In the daily timeframe, the price appears to be trading in a rising wedge pattern. In case the price breaks down from the pattern, it could result in a 33% drop to $0.01742, which currently appears less likely. 

What’s next, will the price fail to reach the resistance?

The GALA price is preparing to rebound from the lower support of the rising wedge after breaking the falling wedge. The RSI is closer to undergoing a bearish divergence, which suggests the price may face rejection after reaching the resistance. Therefore, the GALA price is believed to surpass the interim resistance and reach $0.03, which may invite bearish action. 

Collectively, the altcoins have been performing well in the past few months, and hence, it appears the investors have shifted their focus from Bitcoin to other tokens. Therefore, the GALA price is believed to maintain an ascending trend but after facing a minor pullback to $0.017.


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About the Author: Daniel