GALA’s Price Surge Attracts Investors; Top Crypto Analyst Identifies Next Resistance Level – Here’s His Outlook
The GALA coin is making significant strides. Currently trading at $0.02486, the coin has experienced an almost 11% price increase in the last 24 hours, demonstrating its growing appeal among investors.
The recent price movements of GALA have been particularly noteworthy. The coin reacted at the golden ratio, the 61.8% Fibonacci retracement level, reports More Crypto Online YouTube channel. The Fibonacci retracement level is a tool in technical analysis that refers to areas of support or resistance. The Fibonacci retracement levels use horizontal lines to indicate where possible support and resistance levels are.
Each level is associated with a percentage, the percentage is how much of a prior move the price has retraced. The 61.8% level is often referred to as the ‘golden ratio’ and is usually a significant level of support or resistance in market trends.
This reaction was not only anticipated but also welcomed as a positive sign of things to come. The unfolding bullish scenario suggests that GALA might be on the verge of a significant upward trend. The coin appears to be following a wave pattern, a common occurrence in the market that often indicates future price movements.
Source: CoinStats
Currently, GALA seems to be in the midst of a five-wave move, a key component of the Elliott Wave Theory. This theory, used in technical analysis, predicts future price movements by identifying recurring wave patterns. The first of these five waves has already shown a promising 10.7% increase from the recent low, indicating potential upward momentum.
However, as with any market, there is always the potential for a pullback. The first pullback must hold the $0.0218 support level, and ideally, it should not go below the 78.6% retracement level, which in this case would be $0.0224. If it does, then a further drop to the $0.0203 level could be likely.
Despite the potential for a pullback, the future of GALA looks promising. A break above a strong resistance level at $0.0284 would further support the idea that a lasting low is in place, and from there, the coin could potentially move higher.
You can review our GALA price prediction here.
What exactly is a GALA coin?
GALA is the digital utility token of the Gala Games ecosystem. Gala Games is a blockchain gaming platform that allows players to earn cryptocurrencies and non-fungible tokens (NFTs) through gameplay. As an ERC-20 utility token used in the Gala Games ecosystem, an Ethereum-based gaming platform, GALA plays a crucial role.
The project’s primary aim is to create an environment where gamers retain full ownership of their in-game items. This is a stark contrast to the current centralized system where players lose their in-game items when banned or when platforms shut down. As the world of cryptocurrency continues to evolve, GALA is certainly a coin to watch.
