GALA Price Prediction: Will Gala be Racing Towards $0.05?

• GALA/USDT is up 44% from its recent swing low.
• GALA/USDT lost 56% since February.

GALA is trading at $0.02626. The price is up by 4.24% in the last 24H. The 24H trading volume saw a jump of 41%. The Total Market Cap is $568,439,281.

GALA witnessed a massive sell-off in the last 5 months. The Bears started dominating just after the price saw a rejection from the Daily resistance of $0.06. The prices plunged by 56% since the rejection. GALA is trading 30% below the 200 EMA which is a sign of weakness and a strong downtrend.

The Price broke a falling wedge

The Daily Chart shows that the Bulls managed a recovery of almost 44% from the recent swing low.  This bounce looks promising for the bulls. Also, the price made a falling wedge and it saw a breakout. This increases the probability of a reversal but the volume is still missing in the breakout.

For a successful break, GALA Must break the minor resistance of $0.0279 with good volume. This can kickstart a bullish rally of almost 92% to the target of $0.05. It is important to consider a rejection from here as the price is still in a strong downtrend and the bears can become active at any point that can push the prices lower

The Bulls are trying to break 200 EMA

On the 4H Chart, GALA Bulls are trying hard to break the 200 EMA . This will give more confirmation for the breakout which will invite the buyers on this journey to the upside. The price is taking support of an ascending trendline. Such a structure can be interpreted as a bear flag in a strong downtrend.

Considering a bearish scenario, a fall from here will drag the prices by 20% near the support zone. GALA is volatile in the short term and investors should remain cautious . Any ignorance can cause a big dent on the portfolio. But with the right strategy and planning, the short-term can be very profitable.

RSI: The RSI indicator is currently at 61.89 on the 4H. The RSI is trying to cross MA on the downside. Expect a minor consolidation.

MACD: The MACD indicator is sticking with the signal line above 0. Expect some consolidation 

200 EMA: As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This is a clear indication of a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.

Conclusion:

GALA has been under Bearish sell-pressure. The Bulls managed a swift recovery from the swing low. The price broke out of a falling wedge but it is still missing volume. A break above the immediate resistance supported by volume can give more confirmation of the falling wedge breakout. This will help with the bullish recovery and increase the probability of the prices reaching at $0.05. Its important to note that prices are under 200 EMA on the daily timeframe. The bears are still present in the market and a further downfall shouldn’t be surprising.

Technical levels

Support Levels: $0.0206- Support 1

    $0.0157 – Support 2

Current Price: $0.02626

Resistance Levels: $0.0279 – Resistance 1

          $0.0373- Resistance 2

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.