- GALA Price fell 20% in the last 24 hours and is approaching the yearly lows.
- The GALA crypto price trading below the 50 and 200 day EMA shows downtrend.
- Gala Price Prediction is bearish and the long term outlook does not look bright till it trades below $0.03000.
GALA Price Prediction suggests the token is bearish and the long term outlook does not look bright.
GALA Price fell 20% in a single day shows the fear in the market and sellers dominance on higher levels. It formed a double top pattern and broke down the neckline support which triggered the negative sentiment and invited further decline.
GALA crypto price rejects the 200 day EMA and also dropped below the 50 day EMA shows downtrend. Well, the short term bounce is possible anytime because the market price is trading far away from the EMA.
The GALA price is declining by forming lower low swings and eroded the minor gains generated in the current year. However, the price is very close to the yearly at $0.01509 which might act as strong support for in coming weeks.
GALA price consolidated in the past couple of months in the range between $0.03000 to $0.05000. Sadly, In the mid of May, sellers took over the control and pulled the prices down. Since then, Slowly and steadily the GALA price is declining.
GALA price is trading at $0.02074 with an intraday decline of -18.73%. The 24 hour volume to market cap ratio is 0.2808.
Downfall in GALA Price continues
GALA Price has tried multiple times to keep the price above the 50 day EMA. But it got rejected due to the presence of strong sellers on the higher levels. However, The surge in selling volume in the recent downfall is not visible which might be an indication of the trap.
Till, GALA Price is sustaining above the $0.01500 level short term bounce is possible. However, the price will gain momentum only after breakout of the $0.03500 hurdle.
On the other hand, if the sell off continues and price drops below the $$0.01500 then more downside will open. The technical analysis suggests, GALA price is in bear grip and probability of hitting fresh yearly low is high.
GALA Price got negatively impacted after BTC falls
GALA Price formed a giant bearish marubozu candle on a weekly time frame. The crypto leader Bitcoin Price has fallen badly and dropped $26K. It has hurted the overall market sentiment and might have negatively impacted the price of GALA.
The MACD curve is collapsing down and generating a negative crossover. The histogram bar is rising downward which shows the strength of bears.
The RSI curve at 22 sloping down denotes oversold territory. However, the price is near to crucial support and due to oversold territory the short covering rally is possible.
Conclusion
GALA Price Prediction suggests the token is bearish for the long term and formed a double top pattern. However, GALA crypto is near to the yearly lows which might act as a strong support and buyers will try their best to rebound.
Technical levels
Resistance levels: $0.03500 and $0.05000
Support levels: $0.01500 and $0.01000
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.