During the weekend, when bitcoin rose to a two-week high, it was Gala that stole the show after climbing 37%. Bulls returned to action on Saturday, as the global crypto market capitalization was around 8% higher.
Technical Analysis: Gala Jumps 37% Higher, as Crypto Bulls Return
This article was published more than a year ago. Some information may no longer be current.
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Biggest gainers
Following a huge week of news in the gaming and crypto space, it was only a matter of time till traders turned their attentions to gala (GALA).
Crypto bulls flocked to GALA to start the weekend, pushing prices of the gaming-based blockchain almost 40% higher
GALA/USD, rose to an intraday high of $0.2668, following its low of $0.1865 during yesterday’s session.
Today’s move has come just as the price of GALA broke out of its 2-week resistance level of $0.2115, which has been held since January 21.
As seen from the chart, this rally led to two consecutive breakouts of recent ceilings in the 14-day RSI, firstly the 35 level, followed by 41.
Overall, GALA is significantly below its ATH of $0.8415, which was established on November 26, despite this, some still have hopes of this eventually reaching $1.
Biggest losers
Similar to yesterday, there were not many bears at the start of the weekend , with around five of the top 100 cryptocurrencies marginally falling.
However, the two biggest to remain red today were quant (QNT) and maker ( MKR), with QNT stealing the honor of biggest loser on Saturday.
Following four consecutive sessions of rallies to start the week, QNT/USD was down by almost 5% as of writing, hitting an intraday low of $130.77 in the process.
The move came as the 14-day RSI began to stall at the 54 resistance level, with prices selling off at the price ceiling of $140.00.
With short-term momentum still bullish, is today’s decline only temporary? Let us know your thoughts in the comments.
