GALAUSDT is inside the descending channelGALAUSDT has recently experienced a breakout from its weekly resistance level in the 0.05$ area. However, the market has since formed a descending channel, indicating that the price is currently experiencing a downward trend.
The descending channel is characterized by a series of lower highs and lower lows, with the price bouncing between two parallel trendlines. The upper trendline acts as a resistance level, while the lower trendline acts as a support level. As the price approaches the support level at the 0.04$ area, traders will be watching closely to see if it breaks through or bounces back up.
As per Plancton's Rules, traders will be waiting for a breakout from the descending channel and static resistance level before considering a new long position in GALAUSDT.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <= 1h structure.
Follow the Shrimp 🦐
