Technical Analysis: Gala Jumps 37% Higher, as Crypto Bulls Return

During the weekend, when bitcoin rose to a two-week excessive, it was Gala that stole the present after climbing 37%. Bulls returned to motion on Saturday, as the worldwide crypto market capitalization was round 8% increased.

Biggest gainers

Following an enormous week of stories within the gaming and crypto house, it was solely a matter of time until merchants turned their attentions to gala (GALA).

Crypto bulls flocked to GALA to start out the weekend, pushing costs of the gaming-based blockchain nearly 40% increased

GALA/USD, rose to an intraday excessive of $0.2668, following its low of $0.1865 throughout yesterday’s session.

Today’s transfer has come simply as the value of GALA broke out of its 2-week resistance stage of $0.2115, which has been held since January 21.

As seen from the chart, this rally led to 2 consecutive breakouts of current ceilings within the 14-day RSI, firstly the 35 stage, adopted by 41.

Overall, GALA is considerably under its ATH of $0.8415, which was established on November 26, regardless of this, some nonetheless have hopes of this finally reaching $1.

Biggest losers

Similar to yesterday, there weren’t many bears in the beginning of the weekend , with round 5 of the highest 100 cryptocurrencies marginally falling.

However, the 2 greatest to stay crimson right this moment have been quant (QNT) and maker (MKR), with QNT stealing the honour of greatest loser on Saturday.

Following 4 consecutive periods of rallies to start out the week, QNT/USD was down by nearly 5% as of writing, hitting an intraday low of $130.77 within the course of.

The transfer got here because the 14-day RSI started to stall on the 54 resistance stage, with costs promoting off on the value ceiling of $140.00.

With short-term momentum nonetheless bullish, is right this moment’s decline solely non permanent? Let us know your ideas within the feedback.

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