GALAUSDT goes beyond the resistance of the global descending channel that has been forming for a year. Now the price is forming a wedge. What to expect next?
A break of the channel resistance forms a new channel, but at the same time the price is squeezed by the current range boundaries in the wedge format.
In the near future, we should expect a retest of resistance followed by a breakout. The altcoin market is starting to revive and a GALA breakout of this area may give us a good potential.
There may not be a strong reaction at the moment, as bitcoin is in the correction phase, but the prerequisites are clear on the chart.
Support levels: previously broken boundary, 0.02310, 0.1783.
Resistance levels: 0.02694
I expect consolidation followed by a breakout of 0.02694 and then a retest of the wedge resistance. The extreme movement may give a signal.