The cryptocurrency market is displaying strength amid expectations of potential US Federal Reserve rate cuts. In particular, Gala (GALA) shows strong positioning and prepares for a possible breakout.
Current Situation in the Cryptocurrency Market
Currently, the cryptocurrency market shows signs of strength, with Ethereum (ETH) reclaiming the $4,550 mark. This has created a positive atmosphere for other altcoins as well, including Gala (GALA), which has seen a 13% increase over the past week.
GALA's Symmetrical Triangle Formation
On the daily chart, GALA is consolidating within a symmetrical triangle, a setup that typically indicates a struggle between buyers and sellers before a decisive move. The current price of the token is around $0.01793, nearly touching the upper resistance line of the triangle.
Growth Prospects for GALA
If bulls manage to push above $0.01815, it would confirm bullish momentum and could unlock a rally toward a target of $0.02913, representing a potential increase of more than 60%. However, failure to overcome the resistance level, the lower trendline of the triangle will act as a key support.
Gala (GALA) demonstrates significant growth potential in the context of a strengthening cryptocurrency market. A successful breakout above resistance could lead to a substantial increase in price.
