GALA’s $0.05 price push – Traders should expect more upside because…

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  • GALA saw strong bearish momentum in recent days that drove the RSI below 50
  • OBV fell to reflect selling, but the liquidity pooled around $0.052

As a seasoned market analyst with over a decade of experience under my belt, I must say that GALA has been quite the rollercoaster ride lately. The bearish momentum we’ve seen in recent days, driving the RSI below 50 and OBV reflecting selling, is something I’ve seen time and again in this wild world of crypto.

Currently, GALA has surged by approximately 35.4%, climbing from its recent low of $0.0295 just hours ago. The unpredictability in Bitcoin‘s [BTC] value seems to have dampened market spirits, causing several altcoins to lose between 20% and 30% from their peak to their trough.

As an analyst, I observed that GALA underwent a significant 55% decrease in value, falling from $0.0665 to $0.0295. At this moment, it’s trading at $0.04. In the near future, there might be a period of consolidation around the $0.05 mark before potential upward momentum kicks in and it moves higher.

Bearish structure and momentum dominate GALA

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In April and May of 2024, the $0.045-$0.05 range served as a significant barrier for the altcoin’s price advancement. However, during November, the altcoin’s price surged past this barrier and later re-emerged as a support level in the second week of December.

Approaching the significant Fibonacci support level of about $0.028 (or around there) at 78.6%, was quite close to being tested. However, in smaller timeframes, if we surpass $0.0427, it would signal a temporary bullish trend.

The Open Balance Volume (OBV) experienced a decline and moved downwards during December. Yet, at the current moment, it remains significantly higher than its level six weeks ago, suggesting strong buying interest recently. This could potentially indicate further growth for GALA exceeding $0.05 in the near future.

Despite the current bearish trend in the altcoin’s market structure, a daily closing price above $0.0547 could potentially turn the trend bullish.

Liquidity pockets to the north beckon the price

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In simpler terms, significant amounts of trading activity had been observed around the prices of $0.033 and $0.029. These levels were breached in the past few days, but since then, the price has jumped noticeably. It seems like the recent surge might be aiming for the $0.047 and $0.052 prices next. However, it’s uncertain if there is enough immediate demand to drive further increases beyond that point.

Read Gala’s [GALA] Price Prediction 2024-25

The range between $0.052 and $0.056 on the market map stands out as a significant area. Over the coming week, GALA might find this area attractive for potential gains. However, if it moves higher, an immediate advance could prove challenging since the bulls would require some time to regroup and consolidate their positions first.

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2024-12-21 14:15