GALXE Price Prediction: Will GAL token reverse to $2.7?
- GALXE Price Prediction highlights the extreme fear in the market due a recent all-time low
- GAL Price managed a swift recovery of almost 60%
- GAL Crypto declined 53.56% over the past one year.
GALXE Price Prediction reveals the extreme bearish sentiments of the market which recently created a new all-time low. GAL Crypto is trading at $1.282.. The Market is up 2.22% in the last 24H. The 24H volume witnessed a surge of 6.28%. The overall market cap of GAL Token is $95,601,518.
GALXE Price Prediction: Bulls wait for the falling wedge
Source: GAL/USDT by TradingView:https://www.tradingview.com/x/k4aHfORq/
GALXE price dwells under a strong bearish trend. According to the daily chart, GAL Token started the year with a bullish rally of 150%. The prices surged to $2.70 which is a key resistance level. Bears started dominating in February and forced the GAL Price to take a dive of 67% to carve a new low at $0.884.
GALXE Price Prediction uncovers the formation of a falling wedge pattern. This may kickstart a bullish rally of 100% with the price target of $2.70. It may be possible only if the bulls orchestrate a powerful breakout with significant volume. GAL Coin is trading 24% below the 200 EMA.
A swift recovery : Technicals
Source: GAL/USDT by TradingView: https://www.tradingview.com/x/diUGrDgL/
The 4H chart conveys a sight of a strong recovery from the swing low. GAL token witnessed a bounce almost 60% from its new all-time low. This may bring relief to the investors but the bearish trend is still intact and it carries a risk of a further down fall. The market is taking support at $1.160
GALXE Price is getting a consolidation after a volatile recovery. The prices are trading very close to the resistance line of the falling wedge. Meanwhile, technical indicators are mirroring the sideways price action. The market is driven by extreme fear due to the falling prices , but the recent bounce may revive hopes.
RSI:
The RSI indicator is currently at 54.39 on the 4H. This represents that the market is in sideways conditions
MACD:
MACD is moving above the zero kline but the histogram bars convey that the market is lacking momentum.
200 EMA:
As observed, on the 4hr, the prices are trading extremely close to the 200 EMA. This is a common sight in a sideways market .
Conclusion:
GALXE Price Prediction reveals the extreme bearish sentiments of the market which recently created a new all-time low. A moderate recovery is attracting new buyers who are looking for a good risk-to-reward ratio. The Overall sentiment of the market remains bearish. A breakout of the falling wedge may fuel the recovery of GAL Token. Investors should wait for a strong breakout to seize an ideal position.
Technical levels
Support Levels: $1.160 – Support 1
$0.995- Support 2
Current Price: $1.282
Resistance Levels: $1.402 – Resistance 1
$1.65 – Resistance 2
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
