GALA Price Analysis – GALA Price Trading in a Descending Triangle Pattern

  • The price is falling inside a descending triangle pattern on the daily price chart. The token needs its bulls for support.
  • The crypto asset is moving below the moving average of 20, 50, 100 and 200 days.
  • GALA/BTC is at 0.000002683 BTC with a loss of 2.75%.

GALA aims to take the gaming industry in a different direction by putting players back in control of their games. Players can hold non-fungible tokens (NFTs) and influence the governance of games within the Gala Games ecosystem.

GALA price is trading in a descending triangle pattern on the daily price chart. Currently, the bears are pushing the price towards the lower arm and may possibly record a breakout soon, this bearish pressure is giving the entire cryptocurrency market hard times. The token must attract buyers to buck the trend and avoid a crash. Analysts believe that if a breakout occurs, the price may drop to a support level of $0.020. The price is trading well below the 5-day simple moving average.

The current price of one GALA coin is trading at $0.052, which represents a 1.13% loss in its market capitalization in the last 24 hours. The coin has a trading volume of 193 million, with a loss of 2.75% in the 24-hour trading session and a market capitalization of 364 million. The volume market capitalization index for GALA is 0.5302.

What do the technical indicators suggest for GALA?

Trading volume falls 2.75% and moves below its mean and price moves below the exponential moving average. The MACD technical indicator is about to give a negative cross as support histograms are tapering down. Along with this, the relative strength index indicates the selling pressure on the coin and it is approaching the oversold region. The RSI value for GALA is below 40. While the Bollinger band is in favor of the bulls, as the price made a crossover in the lower band.

conclusion

GALA price is trading in a descending triangle pattern on the daily price chart and is in a downtrend movement on all time horizons. Currently, the bears are pushing the price towards the lower arm to make a breakout. The trading volume has a loss of 2.75%. Technical indicators show a bearish trend ahead.

Technical levels

Resistance levels: $0.070 and $0.079

Support levels: $0.046 and $0.040

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational ideas only and do not constitute financial, investment, or other advice. Investing or trading in crypto assets carries a risk of financial loss.

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