Gala, an Ethereum based token that fuels the Gala Games, a blockchain gaming platform. Gala is used as a medium of exchange between Gala games participants.
The bullish rally for Gala began at the starting of 2023 when price started to rise from the low of $0.01635 level. This move caused a rally of 287% and led to the formation of yearly high at $0.06293. Since then price has been in a bearish momentum. Bulls tried to push price above $0.06 level but bears were not in favour of the move.
Gala price was stuck in a consolidation zone ranging between $0.028 and $0.033 level. On June 5, the crypto currency price finally gained enough bearish momentum to shatter the support of $0.028. Currently, the Gala price has formed support at $0.0262.
The current candle is also bearish indicating a possibility of drop. If bears can shatter the recently formed support, there is a higher probability for the price to head to the immediate support level of $0.02320. This move would cause a loss of roughly 10.50% in the price.
For the comeback of bulls in the market, price needs to gain bullish momentum and rise above $0.05 level. Gala prices would have faced many hurdles before reaching an annual high. The bearish momentum heavily disrupted the bullish journey of the price.
Will GALA Price Decline to Yearly Lows?
Gala price currently trades below 20,50,100 and 200-day EMAs indicating bearish momentum in the price. The chaikin money flow score is -0.02 indicating slight weakness in the market. The relative strength index is 34.66 suggesting bearish momentum in the price.
RSI might soon enter into the oversold zone in upcoming days and the possibility of short term pullback and reversal might increase. The bollinger bands have expanded indicating increasing volatility.
Gala price has crossed below the lower band of bollinger which suggests that there is a chance of pullback but looking at the current situation, the chance seems to be very little. The long/short ratio is 0.92 with 48.17% longs and 51.83% shorts indicating bearish sentiment hovering over Gala price.
Conclusion
The market structure and price action for Gala is bearish. Recently, the cryptocurrency price has broken the support level which held the price in the past month. The technical parameters are indicating a selling pressure over the price. If bears can break the recent support, price might head toward the yearly lows which will lead Gala losing all of its gains it made in 2023.
Technical levels
Major support: $0.02320 and $0.01750
Major resistance: $0.0330 and $0.03770
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.
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/2023/06/07/gala-price-prediction-gala-price-breaks-below-0-028-level/