{"id":201685,"date":"2021-11-21T16:00:16","date_gmt":"2021-11-21T10:30:16","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=201685"},"modified":"2021-11-21T13:52:32","modified_gmt":"2021-11-21T08:22:32","slug":"gala-set-to-correct-after-signalling-bearish-divergence-on-the-rsi","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/gala-set-to-correct-after-signalling-bearish-divergence-on-the-rsi\/","title":{"rendered":"GALA set to correct after signalling bearish divergence on the RSI"},"content":{"rendered":"

GALA coin was experiencing a massive rally following a down-channel which lasted between 16 September to 16 November. The Ethereum token, which is used as a medium of exchange between Gala games and its participants, has surged by over 340% since its breakout.<\/p>\n

However, a bearish divergence along the RSI exposed GALA to a near-term correction before the next upcycle. At the time of writing, GALA traded at $0.453, up by 40.5% over the last 24 hours.<\/p>\n

GALA 4-hour Chart<\/strong><\/h4>\n
\"\"<\/a>
Source: GALA\/USD, TradingView<\/figcaption><\/figure>\n

GALA’s down-channel breakout on November 16 enabled a fervent bull run which has accounted for a 340% percentage increase from the breakout point of $0.1086 to an ATH of $0.476. Moreover, a bullish pennant breakout also allowed GALA to maintain its upwards run and tag its 161.8% Fibonacci level.<\/p>\n

Now based on the length of MANA’s flagpole, a 60% breakout target set at the 123.2% Fibonacci Extension was already met over the last 24 hours. The next points of contact would now be made at the 200% and 261.8% Fibonacci Extension levels.<\/p>\n

However, it was important to understand that the 4-hour RSI has been forming several peaks in the overbought territory. Should the next peak fail to best its previous peak, a bearish divergence would come to light. Such a signal could trigger a round of correction as investors engage in profit-taking.<\/p>\n

If GALA does move south, support would be found at the 78.6% Fibonacci level – an area which matched up to a minor drawdown on November 20. The 100% Fibonacci Level would also serve as a viable defensive resource. Any moves below the 20-SMA (red) could expose GALA to a deeper correction due to short-selling.<\/p>\n

Reasoning\u00a0<\/strong><\/p>\n

Barring some red flags on the RSI, GALA’s MACD and Directional Movement Index upheld their bullish positions. The MACD was trading at record levels while the DMI’s +DI line maintained a comfortable distance with the -DI line. Hence, an extended rally should not be discounted as well.<\/p>\n

Conclusion\u00a0<\/strong><\/p>\n

GALA was set for a near-term correction after a bearish divergence was spotted on the RSI. However, an extended bull run would be possible if GALA enforces a close above the 161.8% Fibonacci level. In such a situation, the 200% and 261.8% Fibonacci Extensions would be GALA’s next destinations.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

GALA coin was experiencing a massive rally following a down-channel which lasted between 16 September to 16 November. The Ethereum token, which is used as a medium of exchange between Gala games and its participants, has surged by over 340% since its breakout. However, a bearish divergence along the RSI exposed GALA to a near-termContinue reading “GALA set to correct after signalling bearish divergence on the RSI”<\/span><\/a><\/p>\n","protected":false},"author":37,"featured_media":201699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[],"class_list":["post-201685","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nGALA set to correct after signalling bearish divergence on the RSI - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The Ethereum token, used as a medium of exchange between Gala games and its participants, has surged by over 340% since its breakout.....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/gala-set-to-correct-after-signalling-bearish-divergence-on-the-rsi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GALA set to correct after signalling bearish divergence on the RSI - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"GALA coin was experiencing a massive rally following a down-channel which lasted between 16 September to 16 November. 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