2 hours ago
Facing a rejection this month, Gala initiated a drop and rolled back to a month low following the latest meltdown. It currently appeared bearish on the day with no sign of halting correction at the time of writing. In the first week, Gala advanced bullish rally but later faced rejection after registering over 100% gain in November. This rejection led to a halt in the rally and the price traded calmly for the rest of that week. Earlier last week, it lost grip above the $0.06 level and nosedived into $0.04. The price recovered briefly from there and later stopped buying at $0.055 due to a rejection. It remains indecisive for three days and broke down steadily until it tested $0.032 today for the first time in a month. The price is approaching the $0.03 level that flipped during last month’s rally. Locating support above this key level could fuel a new buy order capable of bringing the bulls back on track. As of now, the bears are still in charge of the market on the daily scale. While the latest price correction is healthy for the market, we can expect a bounce back anytime soon. A deeper correction from the current price level could reset the market back to the $0.02 level before rising back. It is currently down 36% in the past week of trading. Gala’s Key Level To Watch Source: Tradingview As today turns out more volatile, the bears are now approaching $0.031. If they reclaim it, the $0.0263 support would be their next target. Lower supports considered for drops are $0.0216 and $0.017. Pushing back above the $0.0405 level, there’s a minor resistance at the $0.048 level. Reclaiming the $0.055 level could trigger a full recovery to the monthly $0.065 high before exploding to a new high. Key Resistance Levels: $0.0405, $0.055, $0.0666 Key Support Levels: $0.031, $0.0263, $0.0216 Spot Price: $0.0326 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Early Shiba Inu Investor Nets $9.59M Amid Market Downturn
An early Shiba Inu (SHIB) investor capitalized on the ongoing market downturn, selling nearly 400 billion tokens for a staggering $9.59 million profit. The transaction was reported by Lookonchain, a platform monitoring significant financial movements in the crypto space. The investor initially purchased 15.28 trillion SHIB for just $3,800 in August 2020 at an average … Continue reading "Early Shiba Inu Investor Nets $9.59M Amid Market Downturn" The post Early Shiba Inu Investor Nets $9.59M Amid Market Downturn appeared first on Cryptoknowmics-Crypto News and Media Platform . NullTx
XRP Price Crash: Analyst Says Don’t Get Distracted As RSI Is Still Above A Bullish 50%
Recent technical analysis has revealed that the XRP price is consolidating after breaking key resistance levels to new highs. A crypto analyst has warned of an impending XRP price crash, urging investors not to get distracted as the RSI is still significantly above 50%. Discussing his predictions through short and long-term XRP price charts, the analyst shows that the cryptocurrency is firmly positioned in a bullish trend despite impending corrections. XRP Price RSI Hints At Potential Crash On the 4-hour XRP chart, a double tap structure is highlighted in the Relative Strength Index (RSI), a technical indicator used to measure the momentum of a cryptocurrency. This double tap pattern typically signals further downward movement before a price stabilization. Related Reading: This Analyst Predicted The Dogecoin Price Crash 2 Days Ago, Full Prediction Shows A Further 30% Decline According to Dark Defender, a crypto analyst on X (formerly Twitter), the RSI’s recurrent dips into oversold territory indicate that XRP could experience a price crash to new lows. The analyst disclosed that the XRP price had previously found strong support at $2.17; however, the cryptocurrency experienced a bounce to the upside. After hitting this support level, the XRP price is now consolidating, a pattern often associated with a potential uptrend after a correction. Despite the slight market recovery, the analyst has warned of another impending price crash in this same support zone as the RSI approaches oversold levels once more. Earlier in December, the RSI had hit oversold territories after dipping below 30%. Now XRP’s RSI is above 50% and signaling a potential to experience a price correction between the support levels at $2.17 and $2.18. Dark Defender has revealed that this price crash could occur soon as XRP is expected to enter oversold territory within a day. Despite this potential price correction, the analyst has acknowledged that the XRP’s broader outlook still looks bullish, with an uptrend continuation expected once the market consolidates following its projected price dip to new lows. Dark Defender has also predicted that XRP’s next price target after this projected correction is likely above $3, marking an almost 40% increase from the $2.17 support area. XRP 3-Month Chart Signals Strong Bullish Set Up Following his predictions that the XRP price could crash as it enters oversold conditions, Dark Defender also shared a 3-month chart analysis, painting a brighter outlook for the cryptocurrency. The chart shows that XRP has recently broken through a multi-year resistance level for the first time in over five years, signaling a strong bullish shift. Related Reading: Bitcoin Price Crash Below $100,000 Not The End As Analyst Predicts Another 52% Jump The three-month green candle structure between October and December confirms strong buying pressure, setting the stage for a potentially bullish Q1 2025 from January to March. A rounded bottom pattern can also be seen on the XRP 3-month chart. This pattern is a classic bullish reversal structure that indicates a gradual move from a downtrend to an uptrend. Dark Defender has marked several Fibonacci levels as potential price targets for XRP. According to the analyst, XRP could see a 261.80% rise to the 5.8563 Fibonacci level between $5 to $9. After which, the analyst expects a 361.80% surge to the 18.2275 Fibonacci between $16 to $28. Support levels at the 0.6649 Fibonacci at $0.9 have also been highlighted, acting as a safety net for XRP during price corrections. Featured image created with Dall.E, chart from Tradingview.com NullTx
