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

GALA was 1 of Tuesday’s large gainers, arsenic cryptocurrency markets were erstwhile again trending upwards. Overall, the cryptocurrency marketplace capitalization is astir 4% higher arsenic of writing.

Biggest gainers

On Tuesday, crypto markets were greenish crossed the board, arsenic traders erstwhile again re-entered the marketplace pursuing the uncertainty caused by the tensions betwixt Russia and Ukraine.

Gala (GALA) was 1 of these bulls, climbing by arsenic overmuch arsenic 16% earlier successful the session, nevertheless it was qtum (QTUM) which led today’s gainers.

QTUM/USD, which was trading astatine a debased of $6.33 connected Monday, climbed to an intraday precocious of $8.15 earlier today.

Today’s determination came arsenic the terms of QTUM rallied from enactment of $6.35, each the mode towards absorption of $7.90 and beyond.

QTUM/USD – Daily Chart

However, arsenic prices deed the caller ceiling, profit-takers began to liquidate their positions, which led to QTUM falling from its high.

This came arsenic terms spot besides recovered immoderate resistance, with the 14-day RSI hitting its ceiling of 56, an country which has acted arsenic a constituent of uncertainty successful the past.

Some bulls are apt to inactive stay successful QTUM/USD, successful hopes that a breakout of this absorption volition instrumentality prices supra $9.

Biggest losers

As the bulk of the crypto apical 100 was trading higher connected Tuesday, uncovering a carnivore was nary mean feat.

Tuesday’s biggest loser, comparatively speaking, was symbol (XYM), which fell by adjacent to 0.70% connected the day.

The terms of XYM/USD, which deed a precocious of $0.1782 yesterday, fell to an intraday debased of $0.1725 connected Monday, arsenic markets look to beryllium heading for support.

XYM/USD – Daily Chart

This came arsenic terms spot weighed astatine the 45.15 ceiling of the RSI, with bears pushing momentum lower.

In summation to this, the moving averages of 10-days, and 25-days look to beryllium acceptable for a downward cross, which could mean the level of $0.1616 whitethorn not lone beryllium hit, but perchance broken.

Could bulls beryllium acceptable to bargain astatine the enactment level? Let america cognize your thoughts successful the comments.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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