Any hopes of bullish GALA price predictions emerging were somewhat dashed on Wednesday after the US Federal Reserve left rates unchanged but leaned towards a March lift-off date.
Much of the latest downside activity in the crypto market has been blamed on investment funds leaving risky assets such as cryptos and finding their way to USD-denominated investments in response to the Fed’s awaited action.
Yesterday’s bullish move following the Fed decision turned out to be a fakeout. Some of the cryptos observed by the writer, including the GALA/USDT pair, all met rejection at the nearest resistance levels. This rejection has been followed by a corresponding move to the south on Thursday, as traders weigh the Fed statement, which suggested that a rate increase was in the works.
GALA is down 1.16% as of writing.
The rejection of Wednesday’s upside move at the 0.22085 resistance and accompanying pullback today suggests that there could be more weakness to come. The next potential downside target is the 16 September high/22 January low at 0.14878. Below this level, 0.10056 forms another viable support.
On the flip side, a break above the 0.22085 resistance targets 0.29172. A continued advance would see 0.37019 entering the frame, with 0.45625 (50% Fibonacci retracement from the swing low of 10 November 2021 to the swing high of 21 November 2021) forming an additional barrier to the north.
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This post was last modified on Jan 27, 2022, 12:19 GMT 12:19