GALA Price Prediction: A Support Bounce Could Signal Further Upside Moves

Summary:

The GALA price prediction indicates that the support bounce on the daily chart could signal a near-term price advance.

The GALA/USDT pair appears set for the second day of gains, as the token aims to rebound from recent lows. However, bullish momentum falls short of what is required to make it to the next resistance target.

After hitting intraday highs at 0.55766, the bears have forced a retreat. However, the GALA price action still retains a 4.5% uptick move on the day, making the bullish push towards 0.58112 a valid one. Recent lows also touched off the 50% Fibonacci retracement level traced from the 10 November low to the 26 November high.

With this in mind, what is the GALA price prediction heading into the weekend?

GALA Price Prediction

The daily chart’s bounce on the support zone sets the tone for the bulls to aim for the 0.58112 resistance. A break of this level opens the door towards 0.67583. This move also leaves the resistance zone between 0.7448 and 0.7853 as an additional target to the north.

On the other hand, a decline on the GALA/USDT pair is only possible if the bears initiate enough pressure on the support zone to degrade, leading to price deterioration towards 0.37019 (24 November and 4 December lows). Below this level, 0.29172 and 0.22085 are additional targets to the south.