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The Gala price has plunged by 9% in the last 24 hours to trade at $0.0698 as of 8:45 a.m. EST on trading volume that plummeted 61% to $558 million.
Gala Price Encounters A Corrective Phase
GALAUSDT Analysis By Tradingview
The Gala price faces a corrective phase after encountering rejection at the $0.0871 resistance level. This is after the price spiked significantly above the consolidation channel pattern at $0.0491.
However, the Gala price is generally in an uptrend following the support level at $0.0281, empowering the bulls to muster sufficient strength to propel the price upward. More resilience is seen as the bulls take control of the price at $0.0360 within the consolidating channel and push it to $0.0871.
However, the Gala price indicates some signs of price reversal, with the bullish candles at the $0.0682 level, which might push the price above the current resistance level.
Analyzing the technical indicators reveals that the 50 and 200 simple moving averages (SMA) currently support the overall trend, with the moving average cross at $0.0237, confirming the upward momentum.
Despite the short decline in its bearish trend, the Relative Strength Index (RSI) indicates signs of a rebound below the 70 overbought levels at 61. Increased momentum could see the RSI jump back into the overbought zone.
Gala Price Bulls Gear Up For Another Bull Rally
The Gala price bulls are gearing up for another bull rally as green bullish candles at $0.0682 indicate signs of reversal. If this scenario plays out, it will help the bulls push the price up in a bull rally past $0.0871, reaching a new high at $0.1 in the upcoming weeks.
However, if the bears continue the corrective phase, capitalizing on the sustained RSI below the overbought region of 70, it will force the bulls to find a haven at $0.0495
As the Gala price bulls gear up for another rally, traders are flocking to the Sponge V2 meme coin for potential 1000X returns. The token aims to outdo its predecessor, SpongeV1, which exploded 100X upon its launch last year during a bear market.
SpongeV2 Continuing The Legacy Of SPONGE
SpongeV2 represents the evolution of the renowned SPONGE token. Its team aims to leverage the token’s past success and improve on it by introducing new features.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Join SpongeV2 Staking Model and P2E Game
There is a highly anticipated release of SpongeV2’s play-to-earn racing game that will be available in both paid and free versions. The P2E game will provide more fun and addictiveness and involves players competing for rankings on a global leaderboard. Rewards earned from racing are distributed in SpongeV2 tokens.
🧽 Ride that $SPONGE wave! 🌊 LFG 🚀#MemeCoin #AltGem #Crypto #100x pic.twitter.com/2PkqBon0tF
— $SPONGE (@spongeoneth) March 6, 2024
Investors holding SpongeV2 tokens can also generate passive income by staking their acquired SPONGE for annual percentage yields (APY) of up to 176% on Ethereum and a massive 467% on Polygon. Currently, over 9.1 billion tokens are already staked.
Staking update! 🚀🧽
We now have over 9,138,851,394 $SPONGE tokens staked with a value of $27,864,372.8. 🤯
Stake your tokens today and enjoy our impressive current APY of up to 177%. 💪#Sponge #Memecoin #Crypto #Binance pic.twitter.com/PAqXyz5L6F
— $SPONGE (@spongeoneth) March 11, 2024
Analyst and Crypto YouTuber Jacob Bury considers SpongeV2 as one of the Best meme coins to invest in this year, and says it has the potential to explode 1000X on launch.
With rumors that SpongeV2 is about to announce new listings on top-tier exchanges, interested investors should act soon to secure their tokens before the hype around such developments potentially pushes the price higher.
You can buy SpongeV2 tokens here.
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