- The GALA coin is trading at $0.01672.
- The coin is trading inside a falling wedge pattern.
- The price was up by 3.25% in the last 24 hours.
- The coin has been trading with $35,857,896 volume in the last 24 hours.
Gala (GALAUSD) Coin: Technical Analysis
In December 2022, the GALA coin formed support at $0.01570 and commenced a bullish rally to $0.6293, making it the 2023-year high. After reaching $0.6293, the price faced rejection from there. After that, the price fell to $0.02993. It reached this level, the buyers came and pushed the price in the upward direction.
In March 2023, the price went up to $0.5100 and faced a rejection from there which formed a trendline that was coming from above. The price showed a slight fall after which the buyers once again tried to push the price in the upward direction. The price tried to give the breakout of the trendline but faced immediate rejection and the price started to fall.
In June 2023, the price went down to $0.01803. The buyers then stepped in again and pushed the price in the upward direction and formed support of the trendline that formed below. This movement of price led to the formation of a falling wedge pattern. After taking support, the price went up to the upper trendline of the falling wedge.
In July 2023, the price faced resistance from the upper trendline of the falling wedge after commencing a bullish rally. Subsequently, the price started to fall and broke below its recent low and went down towards its historical support at $0.01570.
Currently, the GALA Price is trading at the $0.01570 support level. If the price breaks below this level, then it may fall to its next support at $0.01000. However, for the price to commence a bullish rally it should sustain over the support and breakout of the falling wedge, after which it may rise to the $0.03000 level.
Technical Indicators’ Prediction About the Current Trend
The GALA coin is trading under the 50 and 200 EMAs, indicating that the price is witnessing bearish sentiments and is under the control of sellers.
The relative strength index (RSI) is at 30.42. The RSI line is in bearish territory indicating that the price is being fully influenced and facing pressure from the seller.
The long/short ratio indicates that the short position has been placed more than the long position in the last 24 hours, where the long position is 46.02% and the short position is 53.98%.
Conclusion
The GALA price chart is currently showing bearish sentiments. The price is trading inside a falling wedge pattern. If the price gives a breakout of the falling wedge pattern, then the price could rise up to $0.03000. However, for the price to continue its bearish trend it must close below the support of $0.01570, after which it may fall to its next support at $0.01000.
Technical levels
Resistance levels: $0.03000
Support levels: $0.01570 and $0.03000.
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.