📈GAL Coin Analysis: Potential Long and Short Opportunities💎🔍Today is Monday, and as mentioned yesterday, the market tends to experience reduced volatility on holidays, making it advisable to refrain from opening new positions and take a break instead. Despite the minor fluctuations seen in the market today, none of the triggers were activated for initiating positions due to the limited volatility.
⚡️In today's analysis, we will focus on GAL coin, associated with the project Galexe, a decentralized platform facilitating interactions between projects and their communities, enabling distribution of airdrops, rewards, or NFTs seamlessly. The GAL coin has experienced a significant uptrend, especially driven by its growing website and collaborations with new projects. Currently, on the weekly timeframe, GAL is consolidating, while on the 4-hour timeframe, a downward trend is evident.
⏳In the daily timeframe, a descending trendline indicates a bearish bias, but considering the bullish nature of GAL on the weekly timeframe, a new uptrend may be underway, potentially impacting even the daily and weekly structures positively. The trigger for confirming this trendline is at 3.872, which may take considerable time to materialize.
📈From another perspective, recent candles breached the support at 3.33 but failed to establish below it. Following a brief consolidation around 3.124, the price reversed upwards, indicating a possible fakeout of the support. Typically, after a fakeout, re-entering the range can lead to a move towards the range high. Therefore, we can consider seeking long positions. The primary resistance for initiating this new uptrend is at 4.829, although the current price range is between 3.33 and 3.872. Since the support at 3.33 has been faked, and the price returned within the range, we can expect it to reach 3.872. Hence, a reliable trigger for long positions is at 3.447, which coincides with the POC (Point of Control) in the fixed range volume profile, suggesting significant selling pressure in that area. If buyers manage to absorb the selling pressure and establish above this level, it indicates their strength, providing an opportunity to join the uptrend.
✨Moreover, the breakout of the RSI resistance at 54.49 can further confirm the bullish momentum. However, it's essential to note the low volume of the bullish candles, indicating weak buying pressure. Therefore, entering long positions requires caution due to the high-risk nature of the trade. It's advisable to enter smaller timeframes like 1-hour or 15-minute charts with a tight stop-loss and aim for a quick risk-to-reward ratio of 2.
📉For short positions, the bearish trend offers a more straightforward approach. The weakening bullish momentum is evident from the decreasing size of the upward candles, indicating diminishing buying pressure. A critical level for short positions is at 3.447, where a small range box formation on lower timeframes can provide a favorable entry point. Managing short positions can be approached in two ways: setting a small stop-loss with a risk-to-reward ratio of 2 or 3, or waiting for the breakdown of the support at 3.124, depending on the market conditions.
📝In conclusion, GAL coin presents potential opportunities for both long and short positions, but traders must exercise caution and adapt their strategies according to the market dynamics.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2
Galaxe
GAL/USDT GALAXE USDTAlright friends this is Galaxe, a very promising project.
But still has long way to prove in crypto mainly to people who has PTSD with luna and ftx. Since this project was seen around those crashes.
Hear me out, it will it will not sound correlated right now but it will eventually and it must since this project has to do with the solutions for ID.
Buy this at these levels and play out the fib always. I removed the fibb so you can practice using your own and master your ways of TA while following the basic as if it is the dogma to success.
SAFE TRADING EVERYONE <3
