GALA Technical Analysis: Retest Ready To Trap Buyers

GALA prices show a bullish recovery from the $0.12 level to retest the broken support trendline before continuing a fall to the $0.10 mark. Key technical points: GALA market price has grown 25% this week. The inflation breaks above the $0.15 mark. The 24-hour trading volume of GALA is $471 Million, reflecting a rise of 35%. Past Performance of GALA GALA prices kept a bearish trend under the falling wedge pattern, hoping for a bullish breakout, but the crushing selling pressure breached the support trendline. The fallout rally shows lower price rejection from the $0.11 support level resulting in the 20% bullish engulfing candle to retest the pattern breakout. Source-Tradingview GALA Technical Analysis GALA prices regain the bullish stamp, but the overall trend remains bearish. Moreover, the possibility of sustaining above $0.15 lowers as the post-retest reversal starts. The lack of a bullish follow-through candle reflects weakness in the uptrend and warns of a bearish reversal. The crucial daily EMAs maintain a falling trend while the bearish spread increases significantly. The MACD and signal lines give a bullish crossover in the negative territory projecting the possibility of a trend reversal and the start of a bull cycle. The RSI value strives to reach the halfway line as it crosses the 14-day SMA, reflecting a surge in the buying pressure. Moreover, the RSI values surpassing the nearly overbought zone will add additional c...