Technical Analysis: Gala Jumps 37% Higher, as Crypto Bulls Return

During the weekend, erstwhile bitcoin roseate to a two-week high, it was Gala that stole the amusement aft climbing 37%. Bulls returned to enactment connected Saturday, arsenic the planetary crypto marketplace capitalization was astir 8% higher.

Biggest gainers

Following a immense week of quality successful the gaming and crypto space, it was lone a substance of clip till traders turned their attentions to gala (GALA).

Crypto bulls flocked to GALA to commencement the weekend, pushing prices of the gaming-based blockchain astir 40% higher

GALA/USD, roseate to an intraday precocious of $0.2668, pursuing its debased of $0.1865 during yesterday’s session.

Today’s determination has travel conscionable arsenic the terms of GALA broke retired of its 2-week absorption level of $0.2115, which has been held since January 21.

GALA/USD – Daily Chart

As seen from the chart, this rally led to 2 consecutive breakouts of caller ceilings successful the 14-day RSI, firstly the 35 level, followed by 41.

Overall, GALA is importantly beneath its ATH of $0.8415, which was established connected November 26, contempt this, immoderate inactive person hopes of this yet reaching $1.

Biggest losers

Similar to yesterday, determination were not galore bears astatine the commencement of the play , with astir 5 of the apical 100 cryptocurrencies marginally falling.

However, the 2 biggest to stay reddish contiguous were quant (QNT) and shaper (MKR), with QNT stealing the grant of biggest loser connected Saturday.

Following 4 consecutive sessions of rallies to commencement the week, QNT/USD was down by astir 5% arsenic of writing, hitting an intraday debased of $130.77 successful the process.

QNT/USD – Daily Chart

The determination came arsenic the 14-day RSI began to stall astatine the 54 absorption level, with prices selling disconnected astatine the terms ceiling of $140.00.

With short-term momentum inactive bullish, is today’s diminution lone temporary? Let america cognize your thoughts successful the comments.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.