Technical Analysis: GALA Climbs 16%, Qtum Leads Tuesday’s Bulls

GALA was one in every of Tuesday’s large gainers, as cryptocurrency markets had been as soon as once more trending upwards. Overall, the cryptocurrency market capitalization is round 4% larger as of writing.

Biggest gainers

On Tuesday, crypto markets had been inexperienced throughout the board, as merchants as soon as once more re-entered {the marketplace} following the uncertainty attributable to the tensions between Russia and Ukraine.

Gala (GALA) was one in every of these bulls, climbing by as a lot as 16% earlier within the session, nonetheless it was qtum (QTUM) which led right this moment’s gainers.

QTUM/USD, which was buying and selling at a low of $6.33 on Monday, climbed to an intraday excessive of $8.15 earlier right this moment.

Today’s transfer got here as the value of QTUM rallied from assist of $6.35, all the best way in direction of resistance of $7.90 and past.

However, as costs hit the latest ceiling, profit-takers started to liquidate their positions, which led to QTUM falling from its excessive.

This got here as worth energy additionally discovered some resistance, with the 14-day RSI hitting its ceiling of 56, an space which has acted as a degree of uncertainty up to now.

Some bulls are prone to nonetheless stay in QTUM/USD, in hopes {that a} breakout of this resistance will take costs above $9.

Biggest losers

As nearly all of the crypto high 100 was buying and selling larger on Tuesday, discovering a bear was no imply feat.

Tuesday’s greatest loser, comparatively talking, was symbol (XYM), which fell by near 0.70% on the day.

The worth of XYM/USD, which hit a excessive of $0.1782 yesterday, fell to an intraday low of $0.1725 on Monday, as markets appear to be heading for assist.

This got here as worth energy weighed on the 45.15 ceiling of the RSI, with bears pushing momentum decrease.

In addition to this, the shifting averages of 10-days, and 25-days look like set for a downward cross, which might imply the ground of $0.1616 could not solely be hit, however doubtlessly damaged.

Could bulls be set to purchase on the assist degree? Let us know your ideas within the feedback.