GALA Partners With Elixir Games Launcher

Gala price has been in a strong downtrend, forming lower lows after the bullish rally which was initiated during the start of 2023. The cryptocurrency price formed a yearly high at $0.06293 and has currently dropped below the $0.030 mark.

At the start of June, the price broke the major support level of $0.028 and melt to form a support at $0.021. Gala price retested the previous support and turned a resistance level of $0.028. Currently, the price seems to be consolidating between the range of $0.028 and $0.021.

The previous candle closed as a strong bullish candle and formed support at $0.0222. The current candle did break the high of the previous candle but faced strong rejection above $0.026.

If the current candle breaks its own low, it might retrace back toward $0.0222. The rejection is strong as the candle has left a long upper wick. If bears can break the support level of $0.0222, it might melt toward the next support level of $0.021. While on the other hand, if the bullish trend continues, it might head toward $0.028.

Gala Games Partners With Elixir

Gala Games titles including town star and spider tanks will soon launch on the Elixir Games Launcher. The collaboration between Gala and Elixir Games will help players to access Gala games through Elixir’s web3 distribution platform.

Elixir will also host weekly gaming nights with exclusive prizes and special guests from the Elixir partner program. The dedicated node will be hosted by the Elixir on Gala Network as a part of the partnership.

Will Gala Price Rise To $0.028?

The cryptocurrency price climbed above the 20-day EMA which indicates a rise in bullish momentum but the current candle has faced strong rejection above $0.026. Chaikin money flow score is -0.21 suggesting weakness in the market. CMF has not climbed above the 0 mark since 20 July.

The relative strength index is 51.16 suggesting the price is gaining momentum but the direction of RSI has turned sideways after the rejection. The Bollinger bands have slightly expanded implying a rise in volatility. The price reached near the lower band and is currently witnessing a short-term pullback.

The long/short ratio is 0.95 with 48.9% longs and 51.1% shorts indicating a slightly higher selling position in the last 24 hours. The bears have now flipped the candle to bearish.

Conclusion

Technical parameters such as Chaikin money flow and moving average suggest that the price is in bearish momentum and relative index strength is in neutral territory suggesting a chance of a consolidation zone.

Technical levels

Major support: $0.0222 and $0.021

Major resistance: $0.028 and $0.033

Disclaimer

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

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing