Chart Analysis and Interpretation
Target and Prices
• The chart shows that a long-term downtrend has been broken on the weekly time frame.
• The target area is predicted to be 0.95 levels, indicating an increase potential of over 2000%.
Support and Resistance Levels
1. Support Levels:
• 0.035: The region where the last rise started and the main support level.
• 0.050: The broken resistance can now act as support.
2. Resistance Levels:
• 0.100: Psychological resilience.
• 0.250 and 0.500: Major resistance points if the rise continues.
Indicators
• RSI: It is likely approaching the overbought region, which means there is a risk of correction in the short term.
• Moving Averages: The long-term downtrend has been broken, and there is pricing above the moving averages.
Formations and Turns
• Downtrend Breakout: The long-term downtrend has been broken.
• Triangle Formation: The descending triangle has been broken and the upward movement has started.
Trend Direction
• It is seen that it has entered an upward trend in the medium and long term.
• Pullbacks may be observed in the short term.
Strategy and Recommendations
1. Entry Points:
• The 0.050 level can be considered as strong support in pullbacks.
• Minor corrections after the breakout confirmation may create a buying opportunity.
2. Objectives:
• First target: 0.100
• Medium term target: 0.250
• Long term target: 0.500 and 0.950
3. Stop Loss Level:
• Closings below 0.035 should be considered for stop-loss.
4. Investor Strategy:
• Risk Appetite Investors: Can wait until target levels.
• Conservative Investors: Should buy by monitoring persistence above 0.050.
Conclusion
• The GALA/USDT chart has bullish potential as it has broken the long-term downtrend.
• Be careful about selling from the main resistance areas.
• In pullbacks, purchases can be made from support levels.