DOGE, GALA, SAND Price Analysis – May 22, 2022
The alt marketplace eased volatility within the past couple of days as most assets saw bodied candles on their respective charts. SAND, GALA, and DOGE mimicked the broad market actions as they recorded upswings from multi-yearly/monthly lows on May 12. For now, the trio battles to overcome the shackles of squeezed phases while bulls need to catalyze increased buying volumes.
Broad market liquidations saw Dogecoin sellers renewing strength from April peaks. Meanwhile, the alt met some bullish hindrance around the 6-month trend-line barrier amidst the southward journey. Nevertheless, an approximately 45% decline since May 10 dragged the token towards 13-month lows on May 12.
The meme coin traversed a 9-day compression phase as it curbed volatility following upticks from the baseline at $0.07. On the other hand, buyers battled to flip the 20 Exponential Moving Average.
While publishing this post, Dogecoin traded near $0.0845. The RSI displayed a massive selling pressure after failure to steady beyond the equilibrium mostly on the month. The bulls require a closing beyond the 50-index to prevent possible declines beneath $0.08. Moreover, the on-balance volume market lower troughs, translating to a brief bullish divergence with DOGE price.
Sandbox (SAND)
Sellers dominated the space after SAND’s previous bullish rally failed to overcome the trend-line resistance, dragging the altcoin towards the baseline at $1.1. The gaming token entered a constricted phase around $1.3 as the 23.6% FIB resistance refuted all retrieval trials.
Meanwhile, the alt saw a bearish pennant on its 4hr timeframe. A sustained closing beneath the 20 Exponential Moving Average might be detrimental to buyers in the near term. While writing this blog, SNAD hovered around $1.3463, 4.66% up within the past 24 hours.
The Relative Strength index crossed the mid-line and flattened within the past couple of hours after hitting the ceiling at 56. Surprisingly, the Chaikin Money Flow depicted massive buying momentum with a swift upturn. However, a possible retracement from this upswing might translate to a near-term setback for SAND buyers.
GALA
GALA lost upside hoped after failure to defend the crucial $0.162. Losing this level saw the token surrendering critical price levels amid several sell-offs. The latest downside phase dragged GALA beneath the Bollinger Bands’ basis line. Bulls reacted quickly and triggered gains from levels beneath the BB. However, GALA could not challenge $0.1 as it dipped into low volatility.
GALA traded near $0.08355 at this publication. The Relative Strength index maintained brief uptrends after creating stiff trend-line support. While depicting neutrality, the RSI required a closing beyond the midline to avoid price declines towards the bottom BB.
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