With the meme coins and market leaders like Bitcoin and Ethereum finding strong bullish footing, altcoins are turning into tracer bullets. Amidst the top performers, the GALA price trend shows a remarkable 85% surge in the last 11 days.
With a turnaround story in 2024, GALA Games is returning to levels last seen in May 2022. Further, the underlying bullishness is on the rise, and the aim is for a new breakout run and to cross a psychological barrier.
As the altcoin picks up momentum, let’s have a closer look at the GALA price trend.
Gala Price Reversal Eyes $0.10 Breakout
As per our last analysis, the GALA price trend shows a reversal rally sprouting with a double bottom pattern. With this pattern breakout, the bullish surge concludes the lower high formation and surpasses the $0.071 peak formed in August 2022.
Source: TradingView
Further, the bull run creates multiple consecutive green candles in the weekly chart. This accounts for a 300% increase in the market value of GALA price in 28 days.
Technical Indicators:
EMAs: The bullish turnaround surpasses the 50-week EMA, and the daily 50 and 200 EMAs maintain a positive alignment post-golden crossover.
RSI: The weekly RSI line enters the overbought territory signaling a huge increase in underlying demand for the gaming token.
Will GALA Games Continue The Uptrend?
With this range breakout, the gaming token eyes to break past the psychological mark of $0.10. Currently, the GALA price trades at $0.074 with an intraday fall of 9.79%.
This sharp correction comes as a pullback of the magnificent 47% jump last night. Further, it is also the retest of the range breakout and brings an entry spot for sideline traders.
As per the Fibonacci levels and the supply zones present in the weekly chart, the breakout run could lead to massive gains. This is because the next resistances are $0.20, and the 50% Fib level is at $0.36.
