GALA two possibilities

As we know, the price of GALA/USDT has risen 320% since the beginning of 2024. As prices rise impulsively, they will correct at any time. GALA/USDT has corrected 60% from its March high ($0.08677). This correction aligns with the prediction of the Fibonacci indicator at 0.68.

When viewed from the daily chart, GALA is still bullish.

I think GALA will have two possibilities as shown in the chart.
First possibility: GALA will go back up slowly to the Fibonacci 0.5 level, until it finally touches Fibonacci 0.236 at 0.06927.

Second possibility: GALA will continue its slight correction to the Fibonacci 0.786 level around 0.2850-0.30. From there GALA will actively rebound to resume its bullishness to the Fibo 0.236 level. This possibility is seen from the RSI which has not yet touched the 50 level. So the possibility of a slight correction remains. There is also an unmitigated FVG around the price of $0.03090 - $0.03230.

The determination of whether GALA will continue its bullishness if it manages to cross the $0.060 price or if the 100 EMA and 200 EMA golden cross to bullish on the 4h chart.

2024 target GALA price at $0.91
2025 target GALA price at $0.12 - $0.288

Please note that this is analysis only and not financial advice. The market determines price movements and cannot be predicted with precision. Traders and investors should adjust their risk levels accordingly.

Comment:

If you look at the lower time frame on the 1h chart and draw the Fibo from the swing low at $0.03353 to the swing high at $0.04645, you can see that the Fibo level of 0.618 has been touched.

The RSI has crossed the 50 point boundary.

The next area is the FVG area at $0.03055 - $0.03254.
I will enter at 50% of the FVG area.

Comment:

Happy BTC Halving day.
Last status update, GALA is currently heading towards Fibo level 0.5 (0.04968).
If we look at the lower timeframe (1h chart), GALA price is still ranging at $0.03834 - $0.04674.
If GALA price can cross $0.04674, then GALA will test the resistance at $0.04964.
If it does not manage to pass $0.04674, then GALA will test support (S1, 1D chart) at $0.03834 - $0.03960.

We need to be aware of Bitcoin price movement, whether Bitcoin will correct again to $60,000 or below.

Still wait and see.

Comment:

As we can see, the GALA price took out the Fibo 0.5 area but was rejected. The price of GALA is heavily influenced by the price movement of Bitcoin.

Currently, the price of Bitcoin is heading towards demand. If the demand is broken, the Bitcoin price will return to the support level. If the Bitcoin price breaks the support, there is a possibility that the price will touch the $57000-$58000 level.

If the Bitcoin price reaches the support level or below, the GALA price will also correct to the support level at $0.03834 - $0.03960.

Comment:

It was a tough week for new retail investors. In terms of Bitcoin, at least Bitcoin price will drop to the $59572-$60011 level to close the gap on the 1h timeframe. Then Bitcoin will be bullish again.

How about GALA? GALA managed to hold the support line (Fibo level 0.68) and will be bullish again along with Bitcoin.

This is the last update of my GALA idea. GALA will shoot up to Fibo level 0.236 ($0.06927). Good luck!