GALA Price Update – Bearish Pressure Builds, But Is a Reversal Coming? 🧐🚀💥

$GALA Price: 0.03569 (+3.32%)

GALAUSDT Perp: 0.03572 (+3.5%)

Current Market Overview:

The GALA chart reveals that we’re still in a WXY corrective structure, with price movement confined within a channel. The left side of the chart confirms this bearish structure, while the right side shows oscillations within the channel. Although GALA is showing some minor price gains, the overall trend remains bearish unless we see a significant reversal.

Key Channel Dynamics:

Price Action: GALA is currently moving between key levels, oscillating around the middle of the channel.

Key Support: The critical support at 0.0342 has been tested multiple times and is holding firm for now.

Bearish Confirmation: If GALA closes below 0.0342, followed by a backtest or collapse through the channel, this would confirm further bearish momentum. A breakdown below 0.02962 would indicate a straightforward Y correction.

Target Levels to Watch:

First Target: 0.02761 (786 Fib retracement level) – A critical support area to watch for potential buying opportunities.

Second Target: 0.02449 (Weekly support) – A deeper support zone that could signal more significant price action or accumulation.

Technical Indicators:

4-Hour Timeframe: The RSI is showing an overbought condition, making a breakdown likely in the short term.

Bearish Momentum: Market sentiment remains weak, and a sharper move down would align with the ongoing bearish trend.

Invalidation of the Bearish Bias:

Bullish Reversal: If GALA breaks above the $0.040 mark, we will need to reconsider the bearish outlook and adjust our targets accordingly.

Summary:

The GALA price continues to face significant resistance within its corrective pattern. While the short-term trend remains bearish, a sharp reversal could still happen if the price breaks key resistance. Keep a close eye on 0.0342 for confirmation of further downside, with targets at 0.02761 and 0.02449.

Is GALA set for a deeper correction, or will it break through resistance? Stay tuned for the next move!

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