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.
Following this, Polygon and Gala’s tokens have successfully regained momentum after trading under a bearish sentiment for a brief period. With the current market situation, is this the right time to invest in these altcoins?
Dive in, as, in this article, we have covered the market sentiments, price action, and short-lived price targets of Polygon and Gala crypto tokens.
Polygon (MATIC) Price Action
After trading under bearish conditions for a brief period, the MATIC price has added over 6.87% to its portfolio within the past day with a trading volume of $201.95 Million. Moreover, it has secured the 21st position with a market cap of $4.460 Billion.
The technical indicator, MACD, displays a steady rise in the green histogram, highlighting increased price action in the crypto space. Further, the averages show a bullish action, suggesting that the MATIC price will continue gaining value in the coming time.
If the bulls continue to gain momentum, the Polygon price will prepare to test its resistance level of $0.50 this month. However, if the bears overpower the bulls, this L2 will plunge toward its crucial support level of $0.3250.
Gala (GALA) Price Action
The Gala price has recorded a jump of approximately 3% in the past 24 hours and has added 10.89% over the past week. Furthermore, with a market capitalization of $610.150 Million, this altcoin has secured the 95th position in the global crypto list.
The Simple Moving Average (SMA) acts as a support to the price chart in the 1D time frame, indicating a strong bullish sentiment in the crypto space. Further, the RSI indicator displays a positive action, suggesting a positive outlook for the altcoin in the coming time.
If the Gala price reclaims 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.
