- The price of GALA continues to fall in a descending pattern taking it to a historical bottom.
- This could lead to the completion of a massive inverse head and shoulder pattern.
- If this pattern plays out, analyst expects a GALA price close to the previous ATH.
Despite Bitcoin’s price dipping below the $60,000 price mark, the asset continues to show bullish signals on the price chart. Bitcoin is up by 8% over the last week and this steady bullish sentiment is seeping into a bullish altcoin sentiment as well.
In particular, many altcoins like VET, LINK, ARB, GAL, and many others are showing bullish signals alongside Bitcoin (BTC). Specifically, GALA is performing admirably given the fact that the market is presently in an extreme fear sentiment.
Altcoins Like GALA SHow Bullish SIgns Alongside BTC
As one popular trader has noticed, GALA is breaking and falling below the descending channel and retesting the demand level at $0.01400 – $0.01250, in the daily time frame. According to this analyst’s observations, the price of GALA is now almost at its historical bottom, and no other support level can be considered for it historically.
The analyst goes on to say that if the current level is broken, GALA holders will see a deeper price drop. However, the analyst adds that if the current level can provide good support from the price, the previous peaks can be reached in the shortest possible time.
Presently, according to CoinMarketCap data, the price of GALA is $0.01626 with a total market cap of $552,065,418 and a 24-hour trading volume of $62,169,264 which is up by over 25%. Also, GALA’s previously set ATH was at $0.8367.
Can GALA Set a New ATH This Bull Cycle?
Regarding GALA possibly breaking this previous ATH to set a new bullish ATH, another popular crypto analyst shares his long-term expectations for the price of GALA. As we can see from the post above, this analyst expects GALA to cool down by the end of Q3 and create a right should completing its head and shoulder pattern.
If this pattern were to break through, the analyst expects to see a massive bull spike caused by the completion of the inverse head and shoulders pattern taking it to two surge top price targets of $0.32 and then $0.71.
The post GALA Price Dip Leads to Inverse Head and Shoulder Pattern Formation, Can GALA Set a New ATH This Cycle? appeared first on Crypto News Land.
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