GALA token price is forming a descending triangle pattern and trading near the lower neckline of $0.1000, indicating bear dominance on the charts. Moreover, the price action shows lower lows sequences and indicates selling pressure for the past sessions. However, the GALA price is close to the demand zone and suggests a bounce. Furthermore, if the bounce validates and surpasses the upper trendline above $0.2000, a reversal can be seen, which exceeds the buying momentum toward the swing of $0.2500.
GALA token price is in the sellers’ hands and shows short buildup activity and a breakdown, signaling bearishness in the past sessions. Moreover, the chart structure indicates volatility and longs unwinding due to the ongoing selling pressure from the top, resulting in the decline.
If GALA token sustains near $0.01600 and absorbs the selling pressure, a rebound toward the 20-day EMA can be seen. Conversely, a free fall toward $0.01400 can be anticipated if it breaks. Moreover, GALA token price is near the demand zone and the value area, which signals sellers need massive strength to break the territory.
At press time, the GALA token price trades was $0.0160 with an intraday gain of 0.19%, showing neutrality on the charts. Moreover, the trading volume increased by 8.55% to $334.91 Million. The pair of GALA/BTC is at 0.00000617 BTC. However, the market cap of GALA is $120.90 Million. Moreover, analysts maintained a sell rating and signaled a hawkish structure for the upcoming sessions.
GALA Price Facing Selloff On Daily Charts
On the daily charts, GALA token price shows a descending triangle pattern and a negative outlook from the past sessions. Moreover, the price action shows bearish dominance. GALA token needs investors’ accumulation and momentum to cross the upper trendline above the primary hurdle of $0.01600 to beat the bears.
As per the Fib levels, the GALA crypto price is trading below neutrality and shows bear strength on the charts. Moreover, the price is trading close to the lower Bollinger band and has shown weakness for the past sessions.
Short Term Chars Shows Consolidation Phase
On the 4-hour charts, the GALA token price is hovering near the demand zone, and buyers are attempting a pull back to retain the strength. Moreover, the price is near the lower neckline and shows lower investors’ interest and average trading volume.
The RSI curve rebounded from the oversold region and is near neutrality, showing a positive crossover on the charts.
The MACD showed a bullish crossover and formed green bars on the histogram, suggesting a positive outlook on the charts.
Summary
GALA token price shows a downtrend and persists in forming lower lows sequences, indicating a negative outlook on the charts. Moreover, sellers persisted in making short positions and trying to break the neckline of $0.01600 to initiate a fresh selloff toward the lower trajectory of $0.01200.
Technical Levels
Support Levels: $0.01500 and $0.01200
Resistance Levels: $0.01800 and $0.02000
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/09/gala-price-analysis-gala-near-demand-zone-bounce-or-selloff/