GALAUSD on the strongest rise ever but is it enough?

Gala (GALAUSD) is having the strongest 3 day rise (more than +270%) since it first started trading. The bounce came very close to the 2.0 Fibonacci extension from the first Low of this correction in January 22 2022.

However this is not enough technically to restore the long-term bullish trend and start a new Bull Cycle. In order to do so, Gala has to break the Lower Highs zone that started after the November 26 2021 All Time High. Then the price can start filling the Fibonacci retracement levels towards a new All Time High.

Until that happens, it is possible to see a new rejection new the Lower Highs or the 1D MA50 (blue trend-line) and if the 2.0 Fib breaks, set a lower target on the 2.5 Fib extension (roughly 0.012).


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