GALAUSDT 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.
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.
–––––
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.
Note
Waiting for the breakout Note
Still valid 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.