October started off well for cryptocurrencies, and how it will continue will be determined in the next few days. Altcoins have been on the move. The price increase on Monday reversed direction today at the same pace. The recent decline was triggered by the fading excitement over the ETF and negative comments from Fed members. So what are the expectations for GALA Coin?
Despite the approval of the futures ETH ETF, excitement faded as the volume remained below $2 million on the first day. Another reason for the selling pressure in cryptocurrencies was the comments from Fed members for the past two days, suggesting a possible interest rate hike at the November 1st meeting. The data is not impressive, and although the decrease in inflation has slowed down, fuel prices are expected to increase inflation.
So, what is the current situation for GALA Coin? At the time of writing this article, the popular altcoin is trading at $0.016. The GALA price has broken out of the short-term declining resistance trend line, but it is still trading below a long-term trend line.
The price that fell below the declining resistance line at the beginning of the year lost 80% of its value for 252 days. It reached a yearly low of $0.013. Moreover, the BTC price is far from the bottom, and if BTC continues to decline from its current price, we may see a GALA Coin below the yearly low.
The GALA Coin price is at a critical level of $0.016. If this price can be maintained, there is a possibility of a recovery to $0.032, which is a horizontal resistance area. Although the weekly timeframe outlook is still uncertain, daily readings are sending more bullish signals. There are two main reasons for this.
If the RSI remains above 50 and continues to rise, the price can test $0.021 before the main resistance level of $0.032.
Despite the bullish outlook, if BTC decline gains momentum and closes below $0.016, the next support level at $0.014 could be tested.