GALA Breaks Downtrend but Faces Resistance at Key Levels: Daily Chart Analysis  

• GALA broke its descending resistance line, signaling a potential bullish reversal.  
• Key support zone identified between $0.01657 and $0.01775 for a possible bounce.  
• GALA faces a crucial resistance at $0.02974, with the RSI signaling market indecision.

GALA has recently shown signs of breaking free from its prolonged downtrend, with the price surpassing a critical descending resistance line. This breakthrough has raised speculation about a possible bullish reversal. The chart analysis reveals two key scenarios for GALA’s price movement in the coming days.

The breakout above the resistance line has sparked optimism about a potential upward trend. However, market participants are keeping a close watch on the price levels around $0.01692 to $0.01775, which may act as support zones if the price faces a pullback. This zone could provide stability and prevent further declines, offering GALA a base for its next upward move.

As of October 9, 2024, GALA was trading at $0.019956, with a 24-hour trading volume of $64.9 million. It had experienced a 3.88% decline over the past 24 hours. Currently, GALA is ranked #93 on CoinMarketCap, with a live market capitalization of $697 million. 

Source: CoinMarketCap

The technical analysis of the daily chart also highlights a significant horizontal support zone around $0.01657. This level, along with the green support trendline, suggests possible points for a price rebound if the market turns bearish. Despite the potential for downward pressure, a sustained break below these levels could trigger further declines.

The technical indicators provide mixed signals. The MACD indicator suggests weakening momentum, with the MACD line crossing below the signal line. The histogram bars have turned negative, signaling a potential consolidation phase.

Source: TraingView

Meanwhile, the RSI stands at 49.46, hovering near the neutral zone, indicating indecision among traders and suggesting that the market could be in a consolidation phase.

The resistance at $0.02974 could serve as a target if the bullish momentum continues. However, if the price fails to hold above the current support zones, a retracement may occur before any significant upward movement.