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Technical Analysis: Gala jumps 37% higher as Crypto Bulls Return

During the weekend, when bitcoin rose to a two-week high, it was Gala that stole the show after climbing 37%. The global crypto market capitalization rose by around 8% on Saturday. Bulls were back in action.

Biggest gainers

Following a huge week of news in the gaming and crypto space, it was only a matter of time till traders turned their attentions to gala (GALA).

Crypto bulls flocked to GALA to start the weekend, pushing prices of the gaming-based blockchain almost 40% higher

GALA/USD, rose to an intraday high of $0. 2668, following its low of $0. 1865 during yesterday’s session.

Today’s move has come just as the price of GALA broke out of its 2-week resistance level of $0. 2115, which has been held since January 21.

GALA/USD – Daily Chart

As seen from the chart, this rally led to two consecutive breakouts of recent ceilings in the 14-day RSI, firstly the 35 level, followed by 41.

Overall, GALA’s ATH is $0. 8415, which was established on November 26, despite this, some still have hopes of this eventually reaching $1.

Biggest losers

Similar to yesterday, there were not many bears at the start of the weekend , with around five of the top 100 cryptocurrencies marginally falling.

However, the two biggest to remain red today were quant (QNT) and maker (MKR), with QNT stealing the honor of biggest loser on Saturday.

Following four consecutive sessions of rallies to start the week, QNT/USD was down by almost 5% as of writing, hitting an intraday low of $130. 77 in the process.

QNT/USD – Daily Chart

The move came as the 14-day RSI began to stall at the 54 resistance level, with prices selling off at the price ceiling of $140.00.

With short-term momentum still bullish, is today’s decline only temporary? We’d love to hear your comments.

eliman@bitcoin.com'

Eliman Dambell

Eliman has a broad perspective on market analysis. He is a former brokerage director, educator in retail trading, and commentator in Crypto, Stocks, and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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