- Gala price (GALA) slid 1.99% in the past 24 hours and is currently trading at $0.02.
- GALA price is trading in a Range forming an Interesting pattern in a daily timeframe.
The price has been currently in a short-term correction phase after a surge of nearly 90% in January 2023 which led to the breakout and shifted its higher trend to an uptrend.
Thereafter the price experienced rejection from the upper levels and the price entered a correction phase to fill the imbalance left behind. The price declined, forming lower highs and lower lows. Also, the price seemed to be forming a falling wedge pattern on the daily timeframe.
Currently, the price has suffered rejection from the upper trendline of the falling wedge and declining but seems to be losing momentum as the price is nearing a demand zone. The token has a trading volume of $56.3 Million with an incline of 12.02% over the past 24 hours. The current volume-to-market cap ratio is 10.87% indicating mild volatility at the current moment.
Gala Token (GALA) is a platform that empowers players with Web3 and blockchain technology. It offers AAA-level games (many free to play) that let players enjoy more freedom, control, and rewards. Unlike other game publishers that force players to spend more, Gala Games values players and their contributions.
Gala Price trading below 200 and 50 EMA Both
The short-term outlook for the GALA price stays neutral to bearish as the price trades below the upper trendline resistance. However, if the price breaks above the trendline resistance the sentiments may shift to bullish.
The long-term outlook stays on the positive side as the price still trades above the previous breakout zone.
RSI And MACD Taking Neutral Stand About The Gala Price
MACD lines have made a bullish crossover. However, histogram bars are being formed above the mean line but lacking momentum indicating a neutral to bullish sentiment in the short term.
As per the EMA Analysis, the GALA price is currently trading below the 50 and 200 EMA both indicating the dominance of sellers in both the short-term and long term.
At the time of publishing, the RSI value of the GALA token is 44.10 and that of the SMA line is 43.20. RSI has made a breakout of the SMA line indicating the price might be bullish in the upcoming days.
Conclusion
Gala price prediction concludes that the price is correcting after a big rally in January 2023. It is forming a falling wedge pattern on the daily chart. The price is facing resistance from the upper trendline and may decline further. However, if the price breaks above the trendline, it may turn bullish. The long-term outlook is positive as the price is above the previous breakout zone.
Technical Levels
- Support levels: $0.022 and $0.015.
- Resistance levels: $0.028 and $0.034.
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 or stock comes with a risk of financial loss.