Polygon and Gala Regain Momentum: Is This the Right Time to Invest in These Altcoins?
- 王林Original
- 2024-08-21 00:11:11398browse
Amid increased price volatility, the cryptocurrency market has continued displaying a mixed price action over the past few days. However, the market leader, Bitcoin price has successfully reclaimed its $61K level, indicating a strong bullish sentiment in the crypto space.
Cryptocurrency market displayed a mixed price action in the past few days, with some altcoins continuing their bearish trend and others showing signs of recovery.
After a brief period of trading in the red, Polygon (MATIC) and Gala (GALA) tokens managed to regain momentum, following the market’s positive shift.
As the crypto market continues to be volatile, is this the right time to invest in these altcoins?
In this article, we will بررسی the market sentiments, price actions, and short-lived price targets of Polygon and Gala crypto tokens.
Polygon (MATIC) Price Analysis: Preparing to Test Resistance at $0.50
After a brief period of bearish conditions, the MATIC price added a 6.87% surge to its portfolio in the past 24 hours. With a trading volume of $201.95 Million, it secured the 21st position with a market capitalization of $4.460 Billion.
The technical indicator, Moving Average Convergence Divergence (MACD), displayed a steady rise in the green histogram, highlighting the increasing price action in the crypto space.
Moreover, the averages showed a bullish crossover, suggesting that the MATIC price will continue gaining value in the coming time.
If the bulls continue to gain momentum, the Polygon price will be preparing to test its resistance level of $0.50 this month. However, if the bears overpower the bulls, this Layer-2 will plunge toward its crucial support level of $0.3250.
Gala (GALA) Price Analysis: Set to Test Upper Resistance at $0.02860
The Gala price recorded a jump of approximately 3% in the past 24 hours and added 10.89% in the past week. With a market capitalization of $610.150 Million, this altcoin secured the 95th position in the global crypto list.
The Simple Moving Average (SMA) acted as a support to the price chart in the 1D time frame, indicating a strong bullish sentiment in the crypto space.
Further, the Relative Strength Index (RSI) indicator displayed a positive action, suggesting a positive outlook for the altcoin in the coming time.
If the Gala price manages to reclaim the resistance level of $0.02075, the bulls will prepare to test its upper resistance level of $0.02860. Conversely, if the bears dominate the market, the Gala token will retest its low of $0.01375.
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