- GALA was able to print a 24-hour gain while the entire market’s capitalization dropped 1.62%.
- At press time, GALA was up more than 4% for the day and 18+% over the past 7 days.
- From a technical perspective, GALA was attempting a challenge at the $0.01560 resistance level.
The price of Gala (GALA) added to its impressive weekly streak with a fresh 24-hour gain. GALA’s increase in price over the past trading day is not only noteworthy due to its remarkable performance over the past seven days, but also because it took place during a period wherein the majority of prices in the market dropped.
According to CoinMarketCap data, the global cryptocurrency market capitalization dropped 1.62%. Consequently, the market’s valuation was estimated to be around $1.09 trillion at press time.
Meanwhile, GALA’s price increased just over 4%. This standout daily performance propelled the altcoin’s weekly performance deeper into the green zone, taking it to +18.12%. As a result of the latest price movement, the crypto was changing hands at $0.01581.
Daily chart for GALA/USDT (Source: TradingView)
From a technical perspective, GALA was able to break above the significant $0.01400 mark throughout the past week. In addition to this, the crypto was able to breach the next barrier at $0.1560 earlier in today’s trading session but has since retraced to trade below this noteworthy price point at press time.
If GALA is able to close today’s daily candle above $0.01560, then traders may identify this as a signal that the altcoin’s bullish momentum could continue in the short term. Subsequently, buy pressure for GALA could witness an uptick – potentially leading to the altcoin attempting a challenge at the next resistance at $0.01700.
Investors and traders will want to note that the 9-day EMA line was attempting to cross above the 20-day EMA line at press time. If these two technical indicators cross, it could be a sign that short-term momentum is shifting in favor of bulls. As a result, GALA’s price may have the support needed to breach $0.01700 and possibly reach the next major level at $0.01895.
This bullish thesis could be invalidated, however, if GALA fails to close a daily candle above the previously-mentioned $0.01560 resistance level. In this more bearish scenario, the crypto’s price could undergo a slight correction, which may drag it down to as low as $0.01400.
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