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- Recently, Gala Games integrated with Google Pay, which fueled the pressure to sell.
- Futures Open Interest reached monthly lows, indicating sustained long unwinding data.
Gala (GALA) crypto, an ERC-20 utility token, remained on the back foot and struggled to acquire bullish momentum. The recent integration of Gala Games with Google Pay triggered another setback, and the token reacted negatively.
The GALA token market structure looked bearish and continued to form the lower low swings. Last week, the token attempted to trigger a reversal. However, it failed to violate the 50-day EMA cluster and faced rejection.
Afterward, follow-on selling pressure was seen, and the token eroded over 15% of gains in the last five sessions. Additionally, it dragged below the key moving averages and is set to revisit the 23.6% Fib level, $0.1700, shortly.
Is GALA Bottomed Out or Ready for the Next Fall?
GALA crypto continued to trade under bearish influence and has underperformed in the past few months. Amid the ongoing bearishness, the token is still struggling to gain momentum.
Conversely, the weekly chart shows that GALA crypto formed a double bottom formation. It exhibited a bounce of over 25% from the 52-week low region.
GALA Price Volume Chart | Source: Santiment
However, the ongoing price action signified that the GALA token is struggling to hold gains around the 20-day EMA mark. It could see another 20% fall in the coming sessions. GALA has traded at $0.0185, down 3.24% in the past 24 hours and 15.20% in the past week.
During the first week of this month, GALA price made a 52-week low mark of $0.01360 and indulged in a consolidation. Afterward, the buyers began the accumulation and triggered an upswing, but it was only a lower high formation.
A recent tweet by @LeX184 highlighted in his post that GALA has made its 4th corrective wave. It is poised to make a 5th emerging wave. Considering this, GALA crypto could attempt a bounce in the coming sessions.
Love me some $GALA. #Altcoin weekends are my favorite! Wave 5 targets pic.twitter.com/JrScdXApES
— Pat Lex (@LeX184) August 30, 2024
Tweet by LeX | Source: X
A push above the $0.02100 mark could trigger a slight change in the trend with a renewed positive sentiment. However, the ongoing volume of participation has not given any strong conviction.
Majority are in Red
According to IntoTheBlock data, the In/Out of the Money indicator indicated that only 5% of GALA crypto holders are profitable now. In contrast, more than 94% of the addresses are losing money and facing unrealized losses.
The $0.0178 level is the crucial support mark, where 7.22k addresses hold 5.62 Billion GALA. A fall below the $0.0178 level could spell trouble for GALA holders.
Around $92.07k worth of GALA long liquidations occurred in the last 24 hours. This showed that the bears currently have the upper hand.
The Futures market represented an overall bearish tone. Its Open Interest data noted a decline of over 2.30% to $52.77 Million at press time. In addition to that, the funding rate on major exchanges turned negative.
The $0.01800 mark is the immediate support zone in a bearish prospect. Below it, the $0.01750, followed by the $0.01700 mark, is the crucial support level.
Conversely, if the token retains above the 20-day EMA mark, the $0.02100 mark is the immediate hurdle. A further resistance may occur close to the $0.02500 mark.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
