- GALA follows a descending resistance level.
- The alt formed a double bottom setup.
- Daily RSI triggered a bullish divergence.
GALA remained below a descending resistance level since hitting the $0.84 all-time high on 26 November. The downward action had the alternative token printing the $0.049 low on 12 May. Meanwhile, prices plummeted to $0.05 on 12 June following an unsuccessful rebound.
The token has dropped approximately 92% from its ATH, whereas the mentioned resistance levels stand at $0.12.
Double Bottom Pattern
@DexterETH, a crypto investor, tweeted a chart highlighting a swift recovery for GALA than peer tokens. Evaluating the daily price chart shows a double bottom formation, which combines with the Relative Strength Index’s bullish divergence. Such patterns usually welcome bullish reversals. An RSI move past 50 would authorize the pattern’s legitimacy.
The 6hr chart shows GALA price could be hovering within an ascending channel. The channel’s resistance is $0.12, matching the long-term plunging resistance since the ATH. Meanwhile, a move beyond the near-term descending resistance at $0.075 would confirm the reversal has started.
Gala is a community-led gaming platform boasting several virtual games. Cryptocurrency gaming is a lucrative part of the Web3.0 revolution. Moreover, it offers the P2E model, providing gamers potential gaming rewards.
Also, it transforms ideas related to game ownership. GameFi or blockchain gaming has in-game assets as NFTs that gamers can trade and enjoy value outer the game.
Gala has seen acceptance since its September 2020 inception, its market capitalization hovering at $460M as of June this year. Users can interact with GALA in most top US crypto exchanges.
Meanwhile, the Gala boasts attractive games in the making. Most blockchain games aren’t fun, and Gala plans to change that narrative. Moreover, it plans to quit the Binance Smart Chain and Ethereum platform, moving to its blockchain. That would reduce charts and improve transfer times.
The GALA-BTC price chart reveals similar movements, only that the price already broke out of a long-term plunging resistance line. Since this line had steadied for 191 days, current actions could catalyze a substantial upside movement. Meanwhile, the potential upward move would encounter the nearest resistance at 500 SATs.
Editorial credit: Dennis Diatel / shutterstock.com
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