GALAUSDT → Breakout of resistance and retest of highs

15 nov. 2023

GALAUSDT is breaking out of a global bearish trend, but there is a strong enough zone ahead that is holding the market back from changing trend and forming a bullish rally. All eyes are on the 0.027 zone.



On the senior timeframe, we see a breakout of a fairly important trend resistance after forging a bottom. The price fixes in the green zone and starts to show good bullish dynamics, the priority medium-term target may be the area of 0.04000.

A reversal V-shaped formation is formed on D1. The base and trigger zone in this case is the area of 0.02815 (0.027). This area of resistance keeps the market from changing the trend, because at the moment the market is in a sideways flat, which tells us about accumulation and some balance. Formation of imbalance, which can be a break of resistance, will be the reason for a bullish rally.

The fundamental component of the cryptocurrency market is quite positive, now there may be a temporary stop and consolidation of cryptocurrencies on the background of BTCUSD correction.

Support levels: 0.0220, 0.0200
Resistance levels: 0.02467, 0.027, 0.02815

I expect the growth of monetza with the subsequent retest of the range resistance, which at some point may lead to a breakout and the formation of a bullish rally. Targets: 0.0353, 0.04000

Regards R. Linda!