GALA Creates Double Bottom Pattern Above May 12 Lows

Gala (GALA) has created a higher low relative to its May 12 bottom and has combined this with bullish indicator readings.

It has been decreasing underneath a descending resistance line since reaching an all-time high price of $0.84 on Nov 26. The downward movement led to a low of $0.049 on May 12.

After an unsuccessful bounce, the price fell to a low of $0.05 on June 12. In turn, this could have created a slightly higher low and a double bottom pattern. 

Measuring from the all-time high, the price has decreased by 92%, while the aforementioned resistance line is currently at $0.12.

Double bottom

Cryptocurrency investor @DexterETH tweeted a chart, stating that recovery will be faster than other coins. 

A closer look at the daily time frame does show a double bottom pattern which has also been combined with bullish divergence in the RSI (green line). Such formations usually lead to bullish trend reversals. 

A RSI movement above 50 would confirm the legitimacy of the pattern.

The six-hour chart shows that the price could be trading inside an ascending parallel channel. The resistance line of the channel is currently at $0.12, aligning with the long-term descending resistance line that has been in place since the all-time high.

A movement above the short-term descending resistance line (dashed) at $0.075 would reaffirm that this reversal has begun.

GALA/BTC

The GALA/BTC chart shows similar movement, with the exception that the price has already broken out from a long-term descending resistance line. Since the line had previously been in place for 191 days, this could be the catalyst for a considerable upward movement.

If the upward movement transpires, the closest resistance would be at 500 satoshis.

For Be[in]Crypto’s latest bitcoin (BTC) analysisclick here

The post GALA Creates Double Bottom Pattern Above May 12 Lows appeared first on BeInCrypto.

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