- GALA breaks downward trendline, signaling potential bullish reversal.
- Critical support zone identified at $0.01692-$0.01775, crucial for maintaining upward momentum.
- Next significant resistance level at $0.02072, breakthrough could confirm bullish trend.
In the last trading sessions, the movements of the GALA/USDT pair can be observed, having penetrated through a downward trend line. This technical action may be a sign of a potential upward movement on the stock if support levels are held. The current price drivers are likely to draw the attention of market participants to the support range of $0.01692- $0.01775 as important in the next phase movement.
Technical Pattern with Key Support Levels to Watch
GALA has shown a reversal pattern on the price in its recent past which is quite common and at many occasions used as a signal for the bullish breakout. The bounce above the downward trendline means that the market sentiment may be turning around at that level. If the price maintains the support of current levels then one may expect the further upward movement that may take the cryptocurrency to the next resistance level of $0.02072.
#GALAUSDT After the completion of the pattern, we see the breaking of the downward trend line, which can be considered to start the upward movement, but if the price is not supported, the range of 0.01692 – 0.01775 can be considered for support. pic.twitter.com/JSOpv3vFQn
— De.legend (@delegend2024) October 9, 2024
Traders are keen on this level since its breakout will signal a bullish trend in the market.The upward movement of the price has broken the downward trend line that was traced on the chart. Still traders do not see clear support zones that could be used to predict future price movement.
In particular, an uncertain region labeled as support level has been found to be at $0.01692 – $0.01775. If the price retracement fails to hold above this level, then we may see a temporary end to the bullish trend or more losses on the chart.
Resistance Zones in Focus
In this case, hold and support levels open a possibility of further appreciable rally in the near term while the counter’s GALA inches higher. The next big resistance seems to be around $0.02072, which is a level that traders will be watching to see whether there is exhaustion or bullish momentum. If the price gets past this level of resistance, the next peak could be even higher and equal to $0.02407.
This is evident from the chart of the GALA/USDT which has had an upward signal as it follows a breakout of a downward trend line. Nevertheless, its further direction will depend to a significant extent on how the price behaves concerning the support levels around $0.017.
