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Technical Analysis: Gala Jumps 37% Higher, as Crypto Bulls Return

News Feed - 2022-02-06 01:02:18

Technical Analysis: Gala Jumps 37% Higher, as Crypto Bulls Return


During the weekend, when bitcoin rose to a two-week high, it was Gala that stole the show after climbing 37%. Bulls returned to action on Saturday, as the global crypto market capitalization was around 8% higher. Biggest gainers


Following a huge week of news in the gaming and crypto space, it was only a matter of time till traders turned their attentions to gala (GALA).


Crypto bulls flocked to GALA to start the weekend, pushing prices of the gaming-based blockchain almost 40% higher


GALA/USD, rose to an intraday high of $0.2668, following its low of $0.1865 during yesterday’s session.


Today’s move has come just as the price of GALA broke out of its 2-week resistance level of $0.2115, which has been held since January 21. GALA/USD – Daily Chart


As seen from the chart, this rally led to two consecutive breakouts of recent ceilings in the 14-day RSI, firstly the 35 level, followed by 41.


Overall, GALA is significantly below its ATH of $0.8415, which was established on November 26, despite this, some still have hopes of this eventually reaching $1. Biggest losers


Similar to yesterday, there were not many bears at the start of the weekend , with around five of the top 100 cryptocurrencies marginally falling.


However, the two biggest to remain red today were quant (QNT) and maker (MKR), with QNT stealing the honor of biggest loser on Saturday.


Following four consecutive sessions of rallies to start the week, QNT/USD was down by almost 5% as of writing, hitting an intraday low of $130.77 in the process. QNT/USD – Daily Chart


The move came as the 14-day RSI began to stall at the 54 resistance level, with prices selling off at the price ceiling of $140.00. Tags in this story Bitcoin, blockchain game token, BTC, Cryptocurrencies, Gala, Maker, markets and prices, MKR, Percentages, Price, price ceiling, Prices, QNT, resistance, RSI, Technical Analysis


With short-term momentum still bullish, is today’s decline only temporary? Let us know your thoughts in the comments. Eliman Dambell


Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Venezuelan Government Approves New Tax for Cryptocurrency and Foreign Currency Transactions NEWS | 2 hours ago Bitcoin, Ethereum Technical Analysis: Ethereum Moves Past $3,000 to Start the Weekend  NEWS | 8 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleGovernment Official Discusses Indian Crypto Policy, Global Regulations, G20 Meeting Next articleValue Locked in Defi Climbs 13% Higher Since Last Week’s Low, SOL Price Jumps 25%, AVAX TVL Spikes Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRussian Government Drafts Roadmap to Regulate, Not Ban Crypto, Report Unveils


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