GALA crypto price experienced a downfall and is hovering below the 20-day EMA, showcasing bearishness on the charts. Moreover, the price action indicates that the GALA price persists in dragging the gains, forming lower lows in the past sessions. Furthermore, the chart structure shows sellers persisted in adding short positions and looked to push GALA toward its demand zone of $0.01100 in the following sessions.
GALA crypto is trading below the cluster of $0.01500, facing severe selling pressure, and has lost the initial gains in the past sessions. However, the GALA price took support at $0.01300 and showing buyers’ accumulation in the past sessions, showing their buying interest and willingness to escape the upper trendline soon.
GALA crypto price is trading in the bear trajectory and is below the significant moving averages, showing the strength of the mighty bears. However, the trend is neutral, and the GALA price may rebound and retest the 100-day EMA soon. Moreover, bulls need more strength to initiate a pullback and lead a reversal to retain the swings of $0.01800.
At press time, GALA crypto price is trading at $0.01464 with an intraday gain of 1.32%, showing a neutral chart structure. Moreover, the trading volume increased by 10.22% to $388.37 Million. The pair of GALA/BTC is at 0.00000552 BTC. However, the market cap of GALA is $110.89 Million. Furthermore, analysts maintained a neutral rating and suggested that volatility may extend in the following sessions.
GALA Crypto Price Action on Daily Charts
On the daily charts, GALA crypto price shows a descending triangle pattern, persists in forming lower lows pattern, and is dragging the gains for the past sessions. Moreover, the price action indicated sellers’ aggressiveness and persisted in adding short positions, which created pressure on bulls, and GALA experienced a severe downfall in the past weeks.
Moreover, GALA crypto price is trading below the 50% Fib zone and is close to the 38.2% zone, a make-or-break zone; if the price breaks below $0.01300, further slippages can be seen toward $0.01000. Conversely, GALA will try to surpass the upper trendline near $0.018000 in case of a bounce.
Short Term Charts Shows a Rebound
On the 4-hour charts, GALA crypto price rebounded, and the bulls might be interested in surpassing the 100-day EMA and looking to retest the upper trendline. Moreover, the price action shows that buying interest is developing, and investors are looking for a reversal now.
The RSI curve recovers from the oversold region, retains the overbought zone, and shows a bullish divergence, forming a positive crossover on the charts.
The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting a positive outlook for the upcoming sessions.
Summary
GALA crypto price has been in a downtrend, experienced a severe fall, and lost more than 30% last month, showing seller dominance for the past weeks. However, GALA price is now trying for a reversal and is holding the gains and is looking to escape the trendline and shows buyers’ interest in the last trading session.
Technical Levels
Support Levels: $0.01200 and $0.01000
Resistance Levels: $0.01800and $0.02000
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.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/16/gala-price-prediction-will-gala-hold-the-cluster-of-0-01500/