Technical Analysis: GALA Climbs 16%, Qtum Leads Tuesday's Bulls – Market Updates Bitcoin News

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

GALA was one of Tuesday’s big gainers, as cryptocurrency markets were once again trending upwards. Overall, the cryptocurrency market capitalization is around 4% higher as of writing.

Biggest gainers

On Tuesday, crypto markets were green across the board, as traders once again re-entered the marketplace following the uncertainty caused by the tensions between Russia and Ukraine.

Gala (GALA) was one of these bulls, climbing by as much as 16% earlier in the session, however it was qtum (QTUM) which led today’s gainers.

QTUM/USD, which was trading at a low of $6.33 on Monday, climbed to an intraday high of $8.15 earlier today.

Today’s move came as the price of QTUM rallied from support of $6.35, all the way towards resistance of $7.90 and beyond.

Technical Analysis: GALA Climbs 16%, Qtum Leads Tuesday's Bulls
QTUM/USD – Daily Chart

However, as prices hit the recent ceiling, profit-takers began to liquidate their positions, which led to QTUM falling from its high.

This came as price strength also found some resistance, with the 14-day RSI hitting its ceiling of 56, an area which has acted as a point of uncertainty in the past.

Some bulls are likely to still remain in QTUM/USD, in hopes that a breakout of this resistance will take prices above $9.

Biggest losers

As the majority of the crypto top 100 was trading higher on Tuesday, finding a bear was no mean feat.

Tuesday’s biggest loser, relatively speaking, was symbol (XYM), which fell by close to 0.70% on the day.

The price of XYM/USD, which hit a high of $0.1782 yesterday, fell to an intraday low of $0.1725 on Monday, as markets seem to be heading for support.

Technical Analysis: GALA Climbs 16%, Qtum Leads Tuesday's Bulls
XYM/USD – Daily Chart

This came as price strength weighed at the 45.15 ceiling of the RSI, with bears pushing momentum lower.

In addition to this, the moving averages of 10-days, and 25-days appear to be set for a downward cross, which could mean the floor of $0.1616 may not only be hit, but potentially broken.

Tags in this story
Gala, Qtum, Technical Analysis, XYM

Could bulls be set to buy at the support level? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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