Gala Jumps 37% Higher as Crypto Bulls Return Cryptocurrency

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Over the weekend, when bitcoin hit a two-week high, it was Gala that stole the show after surging 37%. The bulls returned to action on Saturday, with the global crypto market cap about 8% higher.

The biggest winners

After a huge week of news in the gaming and crypto space, it was only a matter of time before traders turned their attention to gala (GALA).

Crypto bulls flocked to GALA to start the weekend, driving gaming-based blockchain prices up nearly 40%

GALA/USD, hit an intraday high of $0.2668, following its low of $0.1865 in yesterday’s session.

Today’s move came just as GALA’s price broke above its 2-week resistance level of $0.2115, which has been held since January 21st.

GALA/USD – Daily Chart

As the chart shows, this rally led to two consecutive breakouts of the recent 14-day RSI highs, first the 35 level, followed by 41.

Overall, GALA is significantly below its ATH of $0.8415, which was set on November 26, despite this, some are still hoping that it will eventually reach $1.

The biggest losers

Like yesterday, there weren’t many bears going into the weekend, with around five of the top 100 cryptocurrencies down slightly.

However, the two biggest to stay red today were quant (QNT) and maker (MKR), with QNT stealing the honor of biggest loser on Saturday.

After four consecutive sessions of rallies to start the week, QNT/USD was down almost 5% at the time of writing, hitting an intraday low of $130.77 in the process.

QNT/USD – Daily Chart

The move came as the 14-day RSI began to stagnate at the 54 resistance level, with prices selling at the high of $140.00.

Tags in this story Bitcoin, blockchain gaming token, BTC, Cryptocurrencies, Gala, Maker, markets and prices, MKR, Percentages, Price, price cap, Price, QNT, resistance, RSI, Technical analysis

With short-term momentum still bullish, is today’s decline only temporary? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a diverse perspective to market analysis, having worked as a brokerage manager, retail educator, and market commentator in crypto, stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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