GALA Falls To New Yearly Low: Biggest Weekly Losers
Valdrin Tahiri - BeInCrypto
Be[In]Crypto takes a look at the five cryptocurrencies that decreased the most last week, more specifically from July 8 to July 15.
These cryptocurrencies are:
- Dogecoin (DOGE) : – 11.13%
- Gala (GALA) : -9.71%
- Basic Attention Token (BAT) : -9.43%
- 1inch Network (1INCH) : -9.04%
- Decentraland (MANA) : -8.64%
DOGE has been falling underneath a descending resistance line since May 13. The line has most recently caused rejections on June 27 and July 8 (red icons). The latter also coincides with the $0.072 horizontal resistance area.
Until the price manages to break out from both these resistance levels, the trend cannot be considered bullish.
GALA has been decreasing inside a descending parallel channel since May 13. Such channels usually contain corrective movements.
On July 13, it reached a low of $0.044, falling to a new yearly low in the process. This seemingly caused a breakdown from the $0.05 horizontal support area.
However, the price has been increasing since and is making an attempt at breaking out above this area.
If GALA manages to reclaim the $0.05 horizontal level, it would be expected to increase until it breaks out from the channel.
Conversely, a rejection from the area would likely lead to new yearly lows.
Since May 12, BAT has been trading in a range between $0.31 and $0.43. So far, it has deviated above and below these levels once (red circle). More recently, it moved above the resistance area on July 7.
After the decrease, BAT created a higher low and is now in the process of making yet another attempt at breaking out. Due to the fact that resistances get weaker each time they are touched, an eventual breakout from this resistance area would be likely.
1INCH has been falling underneath a descending resistance line since May 23. This downward movement led to a low of $0.51 on June 18. The price has been increasing since, but was rejected by the resistance line once more on June 28.
Currently, 1INCH is in the process of creating a higher low and making yet another breakout attempt.
If it is successful, the next closest resistance area would be at $0.78.
On June 22, MANA broke out from a descending resistance line. However, it failed to sustain its upward movement and is back at the $0.765 horizontal support area.
MANA bounced at this support area on July 13 (green icon) and initiated a short-term upward movement.
If the upward movement continues, the closest resistance area would be at $1.05.
For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here.
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