Gala Crypto Jumps Over 9% As Buying Pressure Strengthens

• GALA crypto has risen by 9% from its local support of $0.1650.
• The potential crossover above the 20-day EMA suggests a resurgence in bullish sentiment.

Gala (GALA) crypto price increased significantly, gaining over 9% in the last 24 hours. A blockchain-based gaming platform, GALA crypto, is set to break the barriers and aim for a channel breakout.

As the coin climbs above the 20-day Exponential Moving Average (EMA), its buying pressure has begun to gain momentum.

The price action shows that GALA crypto has begun to accumulate gains and noted an upswing of over 14% this week. Amid the choppy market moves, the GALA token noted a rise in buying interest and began to plot signs of strength.

GALA Price Prediction: Are Bulls Gain Ground Over Bears?

GALA price exchanged hands at $0.01895, with an intraday surge of over 8.90% at press time. It boasts a market cap of $142.53 Million and has a circulating supply of 7.54 Billion.

GALA Price by TheCoinRepublic on TradingView.com

GALA crypto price was trading above the 23.6% Fib support level at press time. Trading above this level indicates that the token has a good chance of moving upwards.

The Relative Strength Index (RSI) line saw a positive crossover, and the curve crossed the midline zone, conveying a rise in the buying pressure.

@Chartsbyanalyst, in his tweet, mentioned that the GALA token price has reached the brink of the channel’s upper end. Moreover, a breakout is cooking on the chart.

$GALA {Update} ✅✅

➡️There’s a well-formed falling wedge pattern on the 4-hour chart.

In the event of a breakout, it’s likely to target the level I’ve marked.
Definitely worth watching.#GALAUSDT #Bitcoin #GALA #cryptocurrency #Dife #Web3

https://t.co/UrNYAvUpvA pic.twitter.com/fXTh2YvhEn

— @Chartsbyanalyst (@SandySingh92887) September 7, 2024

In case of a successful breakout, GALA crypto may see a significant upswing. It could retest the 100-day EMA mark, close to the $0.02400 mark, in the upcoming sessions.

Likewise, the Awesome Oscillator (AO) has started to form the green bars. This suggests that the bulls are slowly taking control back from the bears.

This week, the GALA price has lifted its buying momentum, and a breakout is anticipated. If this upmove sustains, a significant short covering move would be triggered. Also, the token could see an upsurge of over 10% in the coming sessions.

The GIOM indicator indicated that only 4.40% of the in-the-money holders enjoy profits at the current price levels. In contrast, over 95% of holders still have been facing losses.

However, if a large number of addresses are in the money, it could be a support level. From the chart below, 5640 addresses bought almost 5.52 billion GALA tokens, around $0.01140.

With the strong support of nearly $0.01200, GALA crypto has noted a bounce. It may continue to attain buying momentum in the coming sessions.

OI-Weighted Funding Rate Remains Positive

GALA’s OI-weighted funding rate has remained positive since Sep 6. This indicated that there is more demand for long positions. More traders are buying the asset with the expectation of a price upswing.

When writing, the funding rate was noted at 0.0050%, which implied a positive sentiment among traders.

In addition, the Futures Open Interest (OI) surged over 10.20% to $51.42 Million, underlining a long buildup activity in the past 24 hours.

If GALA crypto pushes through the resistance level of $0.02000, it may surge towards $0.02200 and $0.02380. On the contrary, if the price goes lower, the key drop levels to watch for retesting are $0.01680 and $0.01500.

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 m