Gala/Usdt pair spotted on the formation of a bullish pennant, Will the pair break the resistance and shoot up or break the support and rally down? Read through to find out more.
Gala(GALA)/USDT
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Pair Observation
Gala/usdt pair after a sharp upward move pair from the start of the third quarter(Q3) has been making lower highs and higher lows.
The market structure happens to be a chart pattern known as a bullish pennant diagrammed with two converging trend lines one at the resistance and the other at the support connecting the higher lows.
GALA/USDT
Conclusion
The stochastic indicator that measures and shows displays that sellers are exhausted, this may result in a resistance trend line break if buyers set in.
it’s a long-term buy setup as the pair may trade in a range before it breaks the resistance and then surges massively to around 500% or more.
Gala(GALA)/BNB
Pair tends to be in the formation of a falling wedge diagrammed as two converging falling trend lines, one at the top connecting the higher lows and the other at the bottom connecting the lower lows.
This is considered by technical traders/ investors as a bullish continuation pattern.
GALA/BNB
Conclusion
With the help of stochastic technical indicator, the SMA’s is spotted to be heading off the oversold level which signals that sellers are exhausted and buyers are setting in gradually.
It’s a buy ‘long’ bias and is expected that the Gala/Bnb pair will shoot up once the price breaks and closes above the resistance trend-line of the wedge pattern at price level 0.00020000 with good bullish momentum.
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“Chinedu is a forex/stock Trader, and content writer, With a passion for educating others about the financial markets. He works tirelessly through his writing to share insights and knowledge from years of experience trading in the financial market. He is dedicated to providing valuable information on what works and what doesn’t.