- The GALA token price is bearish as it failed to sustain at the supply zone, falling to the demand zone
- The GALA token price is currently trading at the demand zone forming a symmetrical triangle pattern.
- The pair of GALA/BTC is trading at the price level of 0.0000021 with a decrease of 1.09% in the past 24 hours.
The GALA token price as per the price action is bearish as it consolidates near the demand zone. The GALA token price is at an important level, as a breakdown of the current demand zone will result in a long bearish run and bounce back from the demand zone, which will act as a good bullish momentum signal for a rally. At present, the GALA token price is making lower low and lower high formations over a 4-hour time frame. The GALA token price is showing bullish signs, as or forms a bullish candlestick pattern at the demand zone. At present, the GALA token price is trading below the 100 and 50 Moving averages. Recent bearishness resulted in the breakdown of the 10 and 50 MAs. Moving upwards the GALA token price can be seen facing strong reception from the Moving Averages. The GALA token price is currently trading at the lower band of the Bollinger band indicator. Bearish pressure in the GALA token price, failed token price to cross the upper hand of the Bollinger band indicator. The GALA token price has also fallen below the 14 SMA. Volumes have increased as the token price fell from the supply zone.
The GALA token price is forming a symmetrical triangle chart pattern on a daily time frame
Supertrend: The GALA token price has fallen rapidly in the past week following the bearish sentiments in the overall cryptocurrency market. As a result, the GALA token price has started trading in the long-term demand zone. Recent bearishness in the price of GALA token price resulted in the breakdown of the super trend buy line. Previously, the super trend buys line was acting as a strong demand zone. The breakdown of the super trend buy line, was with a strong bearish candlestick pattern. As of now, the super trend indicator has triggered a sell signal. Moving upwards the token price can face strong rejection of the super trend sell line.
Moving Averages Convergence Divergence: The GALA token price is trading at the demand zone, after failing miserably to surpass the supply zone due to bearish pressure. As a result, the token price fell which resulted in the MACD indicator triggering a negative crossover. The blue line crossed the orange line on the downside. If the GALA token price is not able to sustain above the currency demand zone and falls below it the MACD line can be seen widening supporting the trend.
Average Directional Movement Index: ADX curve has been falling for the past couple of days. This has come after the token price failed to surpass the supply zone. At present, the ADX curve is transacting at 23.45. Recent bearishness has resulted in the ADX curve slipping below the 25 Mark. If the token price fails to bounce off the demand zone, the ADX curb can be seen losing strength and falling further.
CONCLUSION: The GALA token price is trading at the demand zone, and as the price action suggests, is forming a bearish chart pattern. As per technical parameters, the token price can stay in a bearish trajectory. Although the token price has formed a bullish candlestick pattern at the demand zone, it remains to see if the GALA token price successfully bounces off the demand zone or falls below it. An investor should remain cautious and wait for a proper signal and then act accordingly.
SUPPORT: $0.0450 and $0.0430
RESISTANCE: $0.0520 and $0.0550