📉 Analysis:
Token Overview: GALA, a gaming token, has seen strong performance but recently corrected.
Market Context: Anticipate a relief bounce pending stability in BTC, which could affect GALA's movement.
Risk Consideration: This scalp trade is high-risk due to BTC's influence; tight stop-loss is crucial.
📊 Trade Setup:
Entry Point: Consider a long spot trade within the $0.058 - $0.065 support zone, pending BTC stability.
Target: Take profit at $0.07, with the next resistance at $0.08.
Stop Loss: Set a tight stop loss just below $0.056 to manage risk effectively.
📈 Note: Given the speculative nature of the trade and its dependency on BTC's movement, closely monitor market conditions and adjust the strategy accordingly.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.