•GALA/USD is currently priced at $0.06 and has decreased by 3.61% over the past day
•The trading volumes have decreased by 16.18% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: Is a turnaround on the cards for Gala Token?
The Gala Coin price today is $0.061411 USD with a 24-hour trading volume of $171,231,580 USD. Gala Token is down 3.61% in the last 24 hours. The trading volumes have decreased over the past amid some profit booking occurring at the current price levels whereas the Volume to Market Cap Ratio stands at 0.3996 for the altcoin.
Gala Token is transacting significantly below it’s all time high of $0.8367 which it scaled on Nov 26, 2021. But the asset wasn’t able to carry on with the bullish momentum into the new year. However, there has been a glimmer of hope from the bulls in the form of a renewed push, despite the decrease in prices witnessed today. The first major resistance is near the $0.07 level which the bulls will target. On the flip side, if there is a downside break below the $0.055 support, the price could continue to move down in the near term. The indecision prevailing in the market with regards to the altcoin is depicted by the asset transacting below the 50 SMA but above the 20 SMA on the four hour chart.
Long Term View for Gala Token
The MACD indicator for Gala Coin presents a positive outlook as it shows the MACD and signal lines headed the positive zone. The increasing size of the histograms further contributes to the rosy outlook. The RSI has recovered from the recent oversold levels it found itself in and is currently transacting at 45.38. In a nutshell, the Gala Coin technical analysis forecasts a possible reversal opportunity as price approaches an active accumulation zone.
Although a slight increase in Gala Token price has been observed today, the bulls are itching to launch an offensive in order to turn the fortunes in their favor. Hence, Gala Coin is likely to witness an upturn in the near term.
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.