The GALA rebound momentum is strong, but can it sustain the rise in the future?
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As of the writing of this article, the GALA price has risen by 35.4% from a low of $0.0295 less than 24 hours ago. Despite the volatility of Bitcoin (BTC) dragging down market sentiment, causing several altcoins to drop by more than 20%-30%, GALA still shows rebound momentum. Previously, the GALA price fell from $0.0665 to $0.0295, a decline of 55%, and the current trading price is $0.04.
Short-term trend analysis: Consolidation may pave the way for a rebound
In the short term, GALA may consolidate around $0.05 for a period before rebounding. The range of $0.045 to $0.05 was an important resistance area in April and May 2024, and the rebound in November broke through this area and tested its support in the second week of December. The 78.6% Fibonacci retracement level near $0.028 has been retested, serving as a support signal.
Bearish structure still dominates
Despite the recent rebound, the market structure remains bearish. GALA's OBV (On-Balance Volume) indicator shows a downward trend in December, but it is still higher than six weeks ago, indicating that buying pressure remains strong. A breakout above $0.0427 may become a short-term bullish signal. However, if the daily closing price is above $0.0547, it could reverse the market structure to bullish.
Key resistance and support levels
The $0.033 and $0.029 areas were important liquidity concentration zones, and after recently breaking through these two price points, a strong rebound occurred. In the future, GALA's price may attempt to break through $0.047 and $0.052, which will be the targets for the coming week. If the price can break through these areas, it may create conditions for further upward movement, but bulls need more time to solidify support.
Rebound is expected, but upside potential is limited
GALA's recent rebound shows a certain resilience in the market, but considering the market structure and short-term demand, there may be consolidation in the coming days. The $0.052 to $0.056 area is the next key resistance area, and a breakout could push the price further up, but without sufficient buying support, sustained increases may face difficulties. Investors should closely monitor the breakout situation at these key price points.
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