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BTC price is making a move to surpass its daily peak and is currently at $34,752. Following the rise of BTC, altcoins are also turning north. Institutional demand continues to increase, and concerns about a bull trap are weakening. GALA Coin is among the cryptocurrencies experiencing an increase today, so what is the next target?
Why is GALA Coin Rising?
Bitcoin‘s price surpassing $34,800 and its intention to maintain this level has encouraged GALA Coin investors as well. At the time of writing, the price has increased by 10% and could experience further growth. Readings on the weekly chart indicate that the popular altcoin has broken free from the 700-day resistance area. Breakouts from declining long-term resistance lines usually result in strong price rallies.
The trend line has remained intact since its all-time high of $0.840. If the BTC rally continues, we may see altcoins breaking through these declining resistances from ATH zones. This could open the door to massive rallies for altcoins.
Crypto Tony believes that the rise cycle of all GameFi tokens has begun under the leadership of Axie Infinity (AXS) and Apecoin (APE).
“I will be looking for an entry into GALA and will share my chart with all of you later.”
Crypto Faibik said that due to the breakout from the long-term declining resistance trend line, the price of GALA Coin will rise even further.
GALA Coin Price Prediction
The trend line that caused a dip to $0.012 on October 19 has now started its upward movement. This trend line has also remained intact for 95 days. With GALA Coin bulls surpassing the $0.016 and $0.020 resistance levels, the price reached $0.022. When combined with the long-term breakout, all of these are signs that the trend is upward.
If the rise of GALA Coin continues as expected, bulls could reach a new peak at $0.028. However, despite the bullish prediction, if the price closes below $0.02, it could lead to a reversal of the trend. This could result in a 23% loss towards $0.016.
GALA Coin is currently struggling to reclaim $0.021 and has experienced a daily increase of over 10%. Meanwhile, BTC finds buyers at $34,800 in the same minutes.
