cryptonewsland.com 01 October 2024 11:04, UTC

• GALA confirms a bullish trendline breakout, indicating a potential 100-150% rally.
• Strong fundamentals and community support bolster GALA’s long-term viability amid volatility.
• Recent price fluctuations raise cautious optimism as traders watch for sustained momentum.

A breakout has breathed life into GALA, confirming a bullish trendline shift on the 2-day timeframe. According to the post below, this pivotal moment suggests a potential rally of 100-150%, as investors begin to stir.

With momentum building, traders are eagerly eyeing the charts for a chance to ride this anticipated wave. However, GALA’s history of volatility leaves both hope and caution swirling in the minds of market participants.

Fundamentals Bolster GALA’s Strength

While GALA’s technical breakout grabs attention, its fundamental health remains a key anchor for investors. Backed by a Certik Skynet security score of 84.67, GALA holds an A-tier ranking, standing strong at 334th place.

This impressive ranking supports its long-term viability, offering reassurance to those concerned with the risk of cyberattacks.

Additionally, GALA boasts 223,256 token holder addresses, with minimal whale movement, further highlighting its decentralized nature.

The community plays a vital role, with a score of 93.43 out of 100. This demonstrates the strong, passionate support from GALA’s user base, acting as the heart that fuels the token’s growth. In crypto, a loyal community often becomes the backbone of any sustained rally.

GALA Price Struggles, Then Consolidates

GALA’s price action has seen significant highs and lows in 2024. Its peak price of $0.086279 in March signaled optimism, but the enthusiasm quickly faltered.

A declining trendline emerged, as GALA formed lower lows, casting doubt over its ability to rebound. Despite this, GALA found a solid support level at $0.0384 in April, after a liquidity grab. This sparked hopes of a reversal.

For two months, GALA’s price entered a consolidation phase within a Darvas box. The market’s indecision led to a tense period of sideways movement, with traders waiting for the next significant move.

Unfortunately, on June 7th, a sharp sell-off breached the support level, leading to a steep 75% decline from its all-time high. This breakdown spelled disaster for the bulls.

As GALA fell within a narrowing wedge, the downward momentum intensified. The convergence of key indicators—the 50-day and 200-day EMA—signaled a loss of critical support, further cementing the bearish trend. Despite these setbacks, GALA’s recent trendline breakout offers renewed hope of recovery, though traders remain cautious.

With the technical and fundamental picture in view, many are now waiting to see if this breakout will indeed spark the anticipated 150% rally. For now, this break out could be the start of the anticipated price increase.