- GALA Price Prediction suggests a rise in the long run but in the short term sellers are dominating.
- The GALA crypto price trading below 50 and 200 day EMA showcase downtrend.
- GALA token price formed a double top pattern and struggled to defend support.
GALA Price Prediction suggests a rise in the long run till price sustains above the $0.02000 support. However, In short term prices seem to be in a correction mode and buyers are struggling to defend the crucial support.
GALA crypto formed a double top bearish pattern and price is consolidating near to the neckline support. If the sell off continues then it will surely raise concern for the long term investors.
GALA price gets rejected from the 200 day EMA and also dropped below the 50 day EMA. It showcases positional as well as short term correction in downward direction.
The buyers have tried multiple times to break the $0.05000 hurdle. But due to the strong presence of sellers prices faced strong rejection and eroded the majority portion of the previous gains.
At the beginning of 2023, GALA price performed well and generated decent returns for long term investors. It rallied 250% approx from the yearly lows in a period of one month and hit a swing high at $0.06303. Later, prices faced minor profit booking and slowly it began to decline by forming lower lows swings.
Will GALA Price register a rise from the support
The downfall in GALA Price halted near $0.03000 and prices formed a bullish hammer candle. It created a hope for the bullish trend reversal and prices showed minor bounce. Sadly, the up-move was temporary and $0.05000 turned out to be a strong hurdle for the bulls.
Presently, GALA price is trading at $0.03080 with an intraday decline of -1.44%. The 24 hour volume to market cap ratio is 0.3805. Till the price sustains above $0.02000 the possibility of the rebound remains in the favor of bulls.
However, the price will pick up momentum when buyers succeed to break the $0.05000 hurdle. Till then the sustainability of any short term up-move will remain doubtful.
Will GALA crypto formed long term base
GALA crypto price down by 19% on a monthly basis and still no signs of recovery is visible. However, if the prices consolidate for a few months near the demand zone then it can be interpreted as base formation.
On the other hand, if the price drops below the $0.02000 then it will open more downside and bear might try to retest the yearly lows.
The MACD has generated a positive crossover but the curve is sloping sideways. It shows prices lack direction and may consolidate for some time in a narrow range. The RSI at 44 pointing sideways denotes price is near to neutral territory and no sharp up-move or down-move is expected.
Conclusion
GALA Price Prediction suggests a rise in the long run till price sustains above $0.02000 level. Presently, GALA crypto is in correction mode and consolidating near to the demand zone. The technical analysis suggests, Short term pull back in GALA crypto is possible. But it will lack momentum until it breaks the $0.05000 hurdle.
Technical levels
Resistance levels: $0.05000 and $0.06300
Support levels: $0.02714 and $0.02013
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.