The GALA/USDT 4-hour chart reveals a mix of consolidation and recent bullish momentum. For much of 2024, GALA remained under the influence of a downtrend, frequently oscillating around the 200-period Simple Moving Average (SMA) at approximately $0.022. However, a recent price surge saw GALA break above this SMA, indicating renewed bullish sentiment.
Currently, GALA is trading at $0.0258, showing signs of a pullback after a significant upward push. The RSI level is around 50.68, suggesting a neutral momentum. This middle-ground position on the RSI hints at the potential for both upward continuation or further correction, as the price finds stability post-surge. Meanwhile, the MACD shows minor bearish divergence with the MACD line moving slightly below the signal line, suggesting caution as bullish momentum appears to weaken.
The volume indicator also shows increased activity during the recent rise, confirming a strong interest in the asset. The recent resistance zone around $0.025-$0.027, highlighted by cluster analysis, marks a critical level where price has struggled to maintain upward movement. This zone has a concentration of previous trade signals, indicating that sellers are defending this level, making it a significant barrier to further gains.
Overall, GALA shows potential for continued upside if it can hold above the 200 SMA and break the resistance cluster. However, the current neutral RSI and minor bearish signals on the MACD suggest that a period of consolidation or slight pullback could occur before any sustained upward
