nearly two months, the price consolidated
GALA's price performance was strong until early March 2024, when it peaked at $0.086279. However, it struggled to maintain these gains, with the bullish trend failing and the price forming lower lows amid a declining trendline.
The efforts to sustain gains were evident as GALA formed a support level at $0.0384 following a liquidity grab on April 13, 2024. For nearly two months, the price consolidated within a Darvas box range in an attempt to surge. Unfortunately, on June 7th, 2024, the support was lost following a significant sell-off from the upper boundary of a wedge formation and the coincided 50-day and 200-day EMA bands.
The breakdown of the Darvas box indicated a loss of critical support for the bulls. This resulted in a sharp decline of over 75% from the ATH of 2024, as the price fell within a narrowing wedge.
Currently, GALA is forming a dynamic falling wedge. A key level to watch is $0.02686, which could be pivotal for a potential rebound and Change of Character (CHoCH). Despite these challenges, GALA saw a liquidity grab on August 5, 2024, at a dual support zone, aligning with the historical demand zone and the lower border of the dynamic wedge.
The efforts to sustain gains were evident as GALA formed a support level at $0.0384 following a liquidity grab on April 13, 2024. For nearly two months, the price consolidated within a Darvas box range in an attempt to surge. Unfortunately, on June 7th, 2024, the support was lost following a significant sell-off from the upper boundary of a wedge formation and the coincided 50-day and 200-day EMA bands.
The breakdown of the Darvas box indicated a loss of critical support for the bulls. This resulted in a sharp decline of over 75% from the ATH of 2024, as the price fell within a narrowing wedge.
Currently, GALA is forming a dynamic falling wedge. A key level to watch is $0.02686, which could be pivotal for a potential rebound and Change of Character (CHoCH). Despite these challenges, GALA saw a liquidity grab on August 5, 2024, at a dual support zone, aligning with the historical demand zone and the lower border of the dynamic wedge.
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