GALA Crypto Breaks Above Falling Wedge Pattern, What’s Next?

• Half of the max supply of the GALA crypto is currently circulating in the market.
• The GALA coin has witnessed a decline of 6.46% in its price in the last 24 hours.

Gala Games is a platform using blockchain technology to create a decentralized gaming economy. It is created by industry-leading game developers. GALA is the main utility token for GALA games.

The volume/market cap ratio of the GALA coin is 0.9915, resulting in a market cap dominance of 0.046%. It is followed up with the current market rank resulting in #77 as per Coingecko.

The GALA crypto has a circulating supply of 26.088B, which is 52.18% of the max supply. Also, the max supply of the GALA crypto is 50.0B GALA and the fully diluted market cap of the crypto is $1.217B. 

The spot volume for the GALA crypto has declined by 31.68% in the last 24 hours, resulting in $72.736M. Following the decline in the crypto price, the market cap has also declined by 1.95% resulting in $635.629M.

GALA Crypto Derivatives Analysis

The long liquidation recorded in the last 24 hours as per Coinglass is $99.63K followed by a long/short ratio of 0.9305. The derivatives volume has declined by 37.42% resulting in $211.85M. 

Price Volatility Comparison

With the advance in the GALA token price, the volatility has consistently declined. It shows that the price is gaining stability and is trading inside a smaller zone. 

GALA Technical Analysis

After following a strong downtrend, the crypto price has lost its significant value and is trading with very lower volumes comparatively. The crypto is considered to be totally bearish as per the larger timeframe charts. 

GALA/USD Chart by TradingView

After consistently declining from the higher levels, the GALA token formed a descending triangle pattern. It has currently broken out above the same pattern and sustaining at the higher levels. 

The ADX is also showing huge strength on the charts as it is trading at a level of 52.62. 

The Aroon indicator is also following bullish momentum giving a buy signal. This behavior of the price shows that the buyers are gaining dominance over the charts. 

Conclusion

The GALA crypto price has shown a strong recovery after a long downtrend. It has broken out of a descending triangle pattern and is trading with bullish momentum. The technical indicators are also confirming the strength and stability of the uptrend. The GALA crypto price has the potential to advance to higher levels in the future, as it benefits from the growing popularity and innovation of the Gala Games platform.

Technical Levels 

• Support levels– $0.01299 and $0.01787
• Resistance levels– $0.06095 and $0.08976

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.