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Published: December 21, 2024
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- GALA saw strong bearish momentum in current days that drove the RSI listed below 50
- OBV was up to show selling, however the liquidity pooled around $0.052
GALA, at the time of composing, was up 35.4% from its regional low at $0.0295, formed less than 24 hours earlier. Bitcoin’s [BTC] volatility dragged belief throughout the marketplace through the mud, and lots of altcoins shed more than 20% to 30% from their regional high to the regional bottom.
GALA experienced a 55% drawdown from $0.0665 to $0.0295. At press time, it was trading at $0.04. In the coming days, it might combine around the $0.05-level for a while before rallying greater.
Bearish structure and momentum control GALA
Source: GALA/USDT on TradingView
The $0.045-$0.05 zone had actually been a crucial resistance zone in April and May of 2024. The rally in November saw the altcoin’s cost smash past this zone and retest it as assistance in the 2nd week of December.
The 78.6% Fibonacci retracement level at $0.028 was almost retested as assistance. In the lower timeframes, a relocation past $0.0427 would be a short-term bullish indication.
The OBV took a hit and has actually trended south in December. At press time, it was still a healthy margin greater than where it was 6 weeks back. This appeared to be a signal of company purchasing pressure in current weeks and bodes well for another GALA relocation beyond $0.05.
The market structure of the altcoin was bearish. An everyday session close beyond $0.0547 would turn the structure bullishly.
Liquidity pockets to the north beckon the cost
To the south, the $0.033 and $0.029 levels had actually marked considerable liquidity concentrations. Both were swept in current days, and the rate has actually highly bounced ever since. The current bounce seemed heading for the $0.047 and $0.052 levels next. Beyond that, it was difficult to determine if there sufficed short-term need to sustain even more gains.
Check out Gala’s [GALA] Cost Prediction 2024-25
The $0.052-$0.056 zone is an intriguing zone of the liquidation heatmap. It is a target for GALA over the next week, however a relocation even more greater might be challenging right away later on as the bulls would require time to combine.
Disclaimer: The details provided does not make up monetary, financial investment, trading, or other kinds of suggestions and is exclusively the author’s viewpoint
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