Always on the same path and unable to withstand a strong downward slope for the slightest reasons

$GALA



This analysis is subject to pricing holding support at $0.03441.

Wave A Analysis
I believe we have completed Wave A of an A-B-C corrective structure, with us hitting 2 price targets in my previous idea. Wave A consists of 5 impulsive waves, as mapped out above, and has landed in a key reversal zone — specifically between the 0.618 and 0.65 Fibonacci levels. This is a significant area where price historically tends to bounce.

Additionally, Wave A ended with a swing failure pattern (SFP), which often signals a potential reversal to the upside. However, it is critical that $0.03441 holds, as this has proven to be a significant level of support in the past.

Wave B Analysis
At this point, I am uncertain about the exact corrective structure of Wave B. For now, I am assuming a standard Zig-Zag Correction until proven otherwise. Wave B usually retraces to the 0.50 Fibonacci level, with a target price of $0.03866.

This level has strong confluence for several reasons:

It aligns with a previous point of control.Just above it sits Weekly Resistance at $0.03944, which will likely serve as a significant barrier.The EMAs in this range could converge to form a strong resistance zone, potentially marking the end of Wave B and setting the stage for Wave C.

Wave C Analysis
Looking ahead, my target for this correction remains, targeting the 0.786 Fibonacci level at $0.02794. If you refer to the Weekly chart an text book A-B-C correction down to this level seems quite obvious, with Wave C forming a lower-low from Wave A on a higher time frame.

In addition to the above considering the depth of Wave A, a retracement to 0.786 fib level seems plausible. Furthermore, I anticipate Bitcoin revisiting prices below 87K which will likely be the catalyst for dragging Gala down to the lower levels.

Bitcoin dominance remains stubbornly high, I would hope to see this fall off a cliff soon as all the metrics are lining up for Altcoin Season except for Bitcoin Dominance. These broader market metrics strengthen the case for Wave C to reach the $0.02794 target.