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- GALA Price Prediction suggests a rise till buyers hold the demand zone.
- The Price is trying to break out of the 50 day EMA.
- The crypto price enters consolidation near the demand zone.
GALA Price Prediction suggests a rise till buyers succeed to defend the demand zone. The prices showed a minor recovery from the recent low but it lost the momentum and entered into consolidation.
Gala Price is trying to climb above the 50 day EMA to reverse the short term trend. Well, until the prices break the higher range of consolidation the short term trend is expected to remain in bear grip.
In the beginning of May, the Price dropped below the crucial support of $0.03000 which triggered the panic sell off. In mid of June, sellers tried to pull the prices below the yearly low but the attempt failed.
GALA Price hits a low at $0.01803 but sellers failed to give the follow through momentum. Later, slow and steady prices recovered but faced hurdle at the EMA.
The Gala crypto price is quite stable which indicates the speculative activity is low. Therefore, the possibility of sharp up-move or down move also remains low.
The Price is trading at $0.02483 with an intraday rise of 2.18%. The 24 hour volume to market cap is 6.98%. The pair of GALA/BTC is trading at 0.00000081 with an intraday rise of 2.53%.
Is the GALA Price bottomed out?
GALA Price has not performed well in the past few months and traded with the bearish bias. However, the downfall halted near the demand zone shows the presence of buyers and downside is limited.
The GALA Price is into consolidation indicates the signs of base formation and prices also seems to be bottomed out. Till the crypto price holds the $0.01550 the probability of bounce back remains high.
Well the price will gain momentum only after breakout of $0.03500 hurdle. On the other hand, if prices face rejection from the hurdle level then bears will try to drag it down to the yearly lows.
The technical analysis suggests, Gala Price is mildly bearish but buyers are trying their best to rebound.
GALA crypto bearish on weekly time frame
GALA crypto price is forming a bearish pattern on a weekly time frame. However, the crypto leader Bitcoin price is bullish and sustaining above the $30K mark. It spread the positive sentiment all over the crypto market which might positively impact Gala crypto.
The MACD curve is near the zero line and rising upward indicates bulls are returning back to track. The RSI at 51 denotes neutral territory and balance between bullish and bearish positions.
Conclusion
GALA Price Prediction suggests a rise till price is trading above the demand zone. The crypto price is consolidating near to yearly for the base formation. However, till prices hold $0.01550 level the probability of bounce back remains high.
Technical levels
Resistance levels: $0.03500 and $0.05000
Support levels: $0.02000 and $0.01550
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.
