GALA appears to have been on a three-week price consolidation phase. The coin has shown great resilience during this period, and it may be poised for a very decisive bull run. However, this is a long entry position that requires a bit of patience. Here are the highlights to keep in mind:
GALA’s consolidation has kept bear pressure off despite market headwinds
The coin could break and swing by 54% in the green
However, this will likely take a few weeks to materialize
Data Source: TradingView
GALA: The long play for 50% returns
One thing we have learned about GALA over the past month is just how resilient it can be. Gaming and metaverse coins have not had a good year. But after falling sharply, GALA has managed to recover and has maintained a three-week price consolidation phase. The coin is now facing a decisive breakout, and here is why.
First, all technical indicators appear to suggest a bull run is on the cards. The RSI reading is in the bullish territory while the price action remains above the 20- and 50-day EMAs. Also, sentiment in the market is now turning positive.
If these conditions hold over the coming weeks, GALA has the potential to swing up by a whopping 54%. This surge will also push the coin above the crucial psychological zone of $0.12. Besides, GALA remains above several support zones, so downside risks are very minimal right now.
How to enter this GALA setup?
As noted above, the bullish GALA setup is long-term. In fact, we expect some volatility in between as the coin tries to surge to $0.12.
So, if you want to enter this setup, you must take a long position. Some of these gains could be realized in a month or so. It requires patience and trading discipline.
The post This bullish GALA setup could trigger a 54% upswing appeared first on CoinJournal.