- GALA price prediction sheds light on the recent recovery of the market from its swing low.
- Price delivered a year-to-date profit of 63.03%
- The price has broken a descending channel with a potential of 100% gain.
Gala’s (GALA) price prediction highlights the recovery phase of the GALA token, which has been declining since February 2023. The GALA crypto began its year with a strong bullish rally of 288% from its swing low. The GALA price went up to the resistance level of $0.06248. After that, the market surrendered to the bears, who pushed the price down by 68% to the support level of $0.01848. Since then, the market has been trying to recover.
At the time of writing, the current market price of GALA tokens is $0.02707. The 24-hour trading volume surged 26.71%. The market is up 1.60% in the last 24 hours. The overall market cap of GALA is $600,108,480.
Can GALA Reach the Price Target of Descending Channel?
Gala’s (GALA) price prediction reveals that the price formed a descending channel pattern on its way down. The market is below the 200 EMA, which is a sign of bearish dominance in the market. The GALA token price has escaped the descending channel pattern with the potential to reach the price target of $0.0509.
So far, the price has shown a recovery of almost 50% from its swing low. The GALA price is struggling to break the resistance of $0.02795. This means that the sellers are present and resisting the bulls from moving up. Breaking the resistance will add more confirmation to the breakout, and the price may move up with momentum.
Short-Term Chart Shows Bullishness
The 4-hour chart reveals that the GALA price has reacted positively to the support. The bulls have accumulated the GALA token at the support zone of $0.02069. This propelled the price into a short-term uptrend. The price did escape the descending channel, but the breakout is missing out on strong volume and momentum.
Meanwhile, the GALA crypto has broken out of a symmetrical triangle pattern, adding more confidence to a more bullish scenario. The price has flipped the 200 EMA, suggesting the buyer’s interest in the short term. However, the market is still at risk of downfall, and it must continue to break the resistance levels to sustain the recovery.
RSI
The RSI indicator is currently at 59.65 It represents bullish conditions where the price may continue to rise until RSI crosses below 50. Aggressive buying may happen only if RSI goes above 70
MACD
MACD made a bullish crossover above the 0 line. This indicates that the market may move to the upside in the short term. The price can rise until the MACD makes a bearish crossover.
200 EMA
On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support and the price may move up until it crosses below the 200 EMA.
Conclusion
Gala’s (GALA) price prediction highlights the recovery phase of the GALA token, which has been declining since February 2023. The recent bounce looks promising in the short term. However, the market needs more confirmation to consider a reversal. The market is highly volatile, and it would be wise to adopt a good risk management strategy to avoid losses.
Technical Levels
- Support Level: The nearest support level is $0.02069
- Resistance level: The nearest resistance level is $0.02795
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.