Like most Altcoins, GALAUSDT also broke above a falling wedge's resistance in Oct-Nov of last year. It experienced an initial leg up, followed by roughly a 300% increase, and then underwent a normal correction afterward. The price halted its decline from the recent high at the 61% Fibonacci level and has begun to rise again, possibly indicating the end of the correction phase. Currently, the price is encountering local resistance, and in the event of a breakout, we can anticipate continuation. This rise could lead to an increase to around 0.06, a crucial resistance level.
Despite my reservations about the project's tokenomics, I am technically bullish and will allocate a very small portion of my portfolio to this trade.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.