- The coin price has increased by 1.81%.
- The GALA coin price declined by 13.91% in its last 8 trading sessions.
Gala is a decentralized cryptocurrency that is built on the Ethereum Blockchain. It is used in the Gala Games ecosystem, where its users can earn tokens by playing games. According to Coin Market Cap, GALA’s current ranking is 90 out of all crypto coins.
GALA Coin Price Analysis
In the last 24 hours, the Gala coin price has increased by 1.81%. It is currently trading at $0.01346 with a 24-hour trading volume of $31,658,513. Its current market capitalization is worth $335,666,905 with a circulating supply of 24,860,838,225 GALA coins. In addition, it has a max supply of 50,000,000,000 GALA coins.
1-Day Analysis of Gala Coin
In the wider outlook of the 1-day timeframe chart, the GALA coin is trading inside a falling wedge pattern. Recently, the coin’s price retested its $0.01570 resistance level and faced rejection after which it started to fall. In the last 8 trading sessions, it has declined by 13.91%.
The GALA coin price has also faced rejection from the 50-day EMA and has been falling after that. This shows the sellers’ absolute dominance in the current scenario.
The RSI line is also below its 50 level and is currently in bearish territory. It started to slope upward after the price increase. However, there is a divergence being displayed which indicates bullishness while the price is following a bearish trend. In the upcoming trading session, It can adjust itself according to the price. Otherwise, the price will react in accordance to it. In most cases, the RSI is seen adjusting itself according to the price.
In the current scenario, the price is facing rejection from the $0.01570 level and the 50-day EMA. The price is falling after facing rejection and is approaching its $0.01000 level which could act as its next support. If it also breaks below this level, then it can continue its fall to $0.00500 which could be the next support for it.
However, if the price reclaims the $0.01570 level by the breakout of the falling wedge pattern, then it may rise to its resistance level at $0.02626.
Conclusion
The GALA coin price’s overall trend is bearish. The price has recently declined after facing rejection from the 50-day EMA and the $0.01570 resistance level. It is approaching its next possible support of $0.01000. If it also gives the breakdown of the $0.01000 level, then it may continue its fall to its next support at $0.00500.
However, for the price to gain bullish momentum, it must reclaim the $0.01570 resistance level while giving a strong breakout of the falling wedge pattern. After this, it can rise to its next resistance at $0.02626.
Technical levels
Resistance Levels: $0.01570 and $0.02626.
Support Levels: $0.01000 and $0.00500.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.