- GALA Crypto has a long/short ratio of 0.8896.
- The price of the crypto has declined by more than 3.5% in just 24 hours.
GALA crypto is associated with GALA Games, a blockchain-based gaming platform. It’s known for operating the world’s largest gaming node network with a focus on decentralization. The GALA token serves as the native cryptocurrency within the Gala Games ecosystem. It is built upon the Ethereum blockchain and is an ERC-20 token. It was created by Eric Schiermeyer who also co-founded Zynga.
The volume of GALA crypto has declined by 15.37% in the last 24 hours, resulting in $33.45 Million. This indicates that the trading community is losing interest in the token. The cryptocurrency’s market capitalization has fallen by over 3%, leading to a decrease in its market cap ranking to #90.
The volume/market cap ratio of the GALA crypto is 10.61%, this is followed by a circulating supply of 25.024B GALA. The circulating supply is just the 50.0% of the max supply of the crypto. Also the fully diluted market cap of the GALA crypto is $633.541M.
Consistent Decline In the GALA Crypto Price; What Should Be Traders’ Next Step?
a by writer11_gsm on TradingView.com
The GALA crypto has been consistently declining from the higher levels leading to new lows. This decline in the crypto price has led to the formation of a falling wedge pattern. The GALA crypto is also forming bearish candlesticks, which indicates the possibility of further declines in the price.
Following the consistent decline in the price of the crypto, the EMAs are forming a death cross. The price of the GALA crypto has declined below both the 50-day and the 200-day EMAs.
The RSI is also following a bearish trend as it is situated below the 50-level. The RSI tried to bounce back from the oversold zones to the higher levels but failed, facing resistance at the 50-level. Thus, the value of the RSI declined again to the lower levels and is currently at 35.13.
GALA Liquidation Analysis
The trading volume of GALA crypto derivatives has decreased by 19.79% over the last 24 hours. Additionally, there has been a significant amount of long liquidation, totaling $289.36K, in contrast to a much smaller short liquidation of $1.03K. This suggests a prevailing bearish sentiment and the dominance of sellers in the market.
Conclusion
The volume of the GALA crypto has declined in the last 24 hours, and it also has faced a significant amount of long liquidation in derivatives. This reflects the dominance of sellers in the market. The technicals of the GALA crypto are also extremely bearish which indicates that its price might continue to decline to lower levels.
Technical Levels
- Support levels- $0.0020 and $0.002400
- Resistance levels- $0.03100 and $0.04800
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
