GALAUSDT is testing the 4h resistance
GALAUSDT recently bounced off of the daily support level at the 0.032$ area, indicating that there may be strong buying pressure at that level. However, the price is currently trading within a descending channel, which suggests that there is a bearish trend in place.
On the 4-hour chart, the price is currently testing the resistance level, which could be a significant area to watch. If the price manages to break out of this resistance level, it could indicate that the bearish trend is losing momentum and a bullish reversal may be in sight.
According to Plancton's Rules, a popular technical analysis strategy, a clear breakout above the resistance level would be a signal to enter a long position. This means that traders could consider buying GALAUSDT if the price breaks out of the resistance level and shows signs of continuing upward momentum.
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Follow the Shrimp 🦐
Keep in mind.
On the 4-hour chart, the price is currently testing the resistance level, which could be a significant area to watch. If the price manages to break out of this resistance level, it could indicate that the bearish trend is losing momentum and a bullish reversal may be in sight.
According to Plancton's Rules, a popular technical analysis strategy, a clear breakout above the resistance level would be a signal to enter a long position. This means that traders could consider buying GALAUSDT if the price breaks out of the resistance level and shows signs of continuing upward momentum.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
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