Can Gala Break Above Crucial Zone?

Gala price underwent a correction phase after a massive rally of nearly 90% in January 2023 from the recent swing low, which resulted in a breakout and changed its long-term trend to an uptrend.

However, the price faced resistance from the upper levels and entered a correction phase to fill the gap left behind. The price dropped, creating lower highs and lower lows. Moreover, the price appeared to be forming a falling wedge pattern on the daily timeframe.

Recently, the price suffered rejection from the upper trendline of the falling wedge after a failed attempt to break above and declined to consolidate near the previous demand zone. The price is currently struggling to sustain near the demand zone and looking for buying volume to defend the current level.

Gala Token (GALA) is a platform that empowers players with Web3 and blockchain technology. It offers AAA-level games (many free to play) that let players enjoy more freedom, control, and rewards. Unlike other game publishers that force players to spend more, Gala Games values players and their contributions.

Gala Price Suffered Rejection From The 50 EMA declined

The short-term outlook for the GALA price remains bearish until the price trades below the trendline resistance. The price may take pullbacks but may decline again to the lower levels as the sellers may try to dominate until the price trades in the channel.

The Volume analysis states that the GALA Coin has received $42.43 Million in the past 24 hours with a decline of 11.47% in the past 24 hours. Crypto has a circulating supply of 23.09 Trillion. The volume to market cap ratio is 9.20% indicating mild volatility in the market.

RSI And MACD Showing Weakness Over The Daily Chart

MACD lines have made a bearish crossover. Also, histogram bars are being formed below the mean line but lacking momentum indicating a neutral to bearish sentiment in the short term.

As per the EMA Analysis, the GALA price is currently trading below the 50 and 200 EMA both indicating bearishness prevailing in both the short-term and long-term.

Conclusion

Gala price prediction concludes that the price rallied 90% in January 2023 and changed its long-term trend to an uptrend. Then, the price corrected and formed a falling wedge pattern. The price failed to break the trendline resistance and declined to a demand zone. The short-term outlook is bearish until the price breaks the trendline. The volume-to-market cap ratio is 9.20%, indicating mild volatility. Crypto has a circulating supply of 23.09 Trillion.

Technical Levels

Support levels: $0.019 and $0.0155.
Resistance levels: $0.028 and $0.0366.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.