$GALA

Technical confirmation of Wave 3 will occur when the price breaks above the Wave 2 high of $0.06649, as shown in the 4-hour chart. Until then, Iā€™ll continue building a bullish case while monitoring price action closely.

Bullish Indicators
To support my analysis, Iā€™m using the daily timeframe as the higher timeframe and the 4-hour timeframe as the lower view. Here's what I'm seeing:

Daily Timeframe

  • Stochastic RSI: Oversold at 0.41, with the K line on the verge of a bullish crossover with the D line. This signals an opportunity for a potential long setup.

  • RSI: At 40.79, a favorable level for price interest to increase.

  • Fibonacci Confluence: The ABC correction has bounced at the 0.618 Fibonacci retracement level, a strong indicator of a potential reversal.



Note: The Rate of Change (ROC) currently shows bearish momentum at -28.38, likely reflecting the recent price drop. As momentum indicators are lagging, Iā€™ll monitor this closely for a shift upwards as price momentum builds.

4-Hour Timeframe

  • Stochastic RSI: Oversold at 14.70, with the K line crossing the D line, forming a bullish crossoverā€”an ideal entry signal for a long position.

  • RSI: Oversold at 27.28, with upward momentum signaling a potential short-term price spike, which would align with bullish momentum on the daily timeframe.



Positioning and Price Expectations
I have already bought in to Gala, and this review reinforces my bullish bias. While time will determine if we are indeed in Wave 3, the following price targets are based on traditional Fibonacci extensions and levels illustrated on the daily chart:

Target 1: 1.618 Fib Level ā€” $0.11303
Target 2: Monthly Resistance ā€” $0.13158
Target 3: 2.618 Fib Level ā€” $0.16193

Given that Target 2 (monthly resistance) is slightly above the 1.618 Fib Level, itā€™s reasonable to expect price to wick toward this level before potentially settling at or below 1.618.

Final Thoughts
The crypto market is notoriously unpredictable, and no one can perfectly predict price targets. However, the levels outlined provide a solid framework for assessing the price movement during Wave 3. With five sub-waves within Wave 3, Iā€™ll reassess and adjust as each unfolds to refine expectations.
#gala #GALAUSDT #Write2EarN! #MarketPullback #ElSalvadorBTCReserve