A post-retest rally from the channel pattern breakout could push the GALA/USDT pair back to the August swing high of $0.07. The GALA/USDT pair daily showcases a short-term range-bound movement between the $0.07 and $0.0465 barriers. Furthermore, with the recent widespread sell-off in the market, the bears offset the July to early August gain and plunged to bottom support of $0.0465. Thus, a retest to this high accumulation zone offers a reversal opportunity for coin holders. Key Points: The GALA price breaks the falling channel pattern. The coin price has surged 14% in the last six days. The intraday trading volume in GALA is $166 million. Source – TradingView GALA Technical Analysis The GALA price was wavering near the $0.0465 support for nearly a month, trending lower into a falling channel. Once the prices break above the resistance trendline, this pattern usually results in a strong directional rally. Thus, on September 9th, the GALA price gave a decisive breakout of the pattern trendline, hitting an early sign of a bull run. The coin price currently trades at the $0.051 mark, with an intraday fall of 1.81%. The Doji-type candles in the retest phase reflect a quarrel between buyers and sellers. Hence, if the buying pressure persists, the altcoin could rise 34% to the top resistance of $0.07. On the contrary, a failed breakout would offer sellers another opportunity to breach the $0.0465 support. Technical Indicators The da...
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