GALA price prediction looks mildly bullish for the next month and suggests a rise in the short run. It rises upward by forming higher high swings, which shows the strength of the bulls.
The Gala token price is sustaining above the 50-day and 200-day EMAs indicating an uptrend. The presence of buyers is visible at lower levels. So, any minor downfall might get easily absorbed near support.
Slowly and steadily the volume also increased and the price also followed the same direction. It is an indication that the rally is supported by genuine buyers who are expecting an outperformance.
At the end of November, GALA price attempted to break out of the $0.03500 barrier. Yet, the attempt did not succeed and the price retraced back to the 50-day EMA. Later, the short-term correction took a halt near the EMA and the price showed a bounce.
In the last session, buyers attempted a second time to break the $0.03500 hurdle. The sellers still seem active and confirmation of the breakout is still awaited. At the time of writing, the GALA token price is trading at $0.03338 with a one-day downtick of 6.50%.
Will GALA Price Hold the Recent Gains?
GALA price surged 15% in the last session and attempted to break the previous swing high. The chart pattern of this crypto favors the bulls and suggests that a sharp rise is possible after a successful breakout.
As long as the price sustains above the $0.02500 level, the token will stay in the bulls grip. However, it’s important for the buyers to hold the recent gains to show their dominance. The analysis suggests that the Gala price is in an uptrend. So, it might continue the recovery and reward its investors in the long run.
Gala Token Price Entering into Consolidation Phase?
Gala token price has performed quite well in the last two months. The minor correction has bought up and the price continues the momentum.
Meanwhile, the overall crypto market sentiment also remains positive because BTC hit new YTD highs. It indirectly impacts the price of Gala and other altcoins.
The MACD curve of this token is losing momentum and pointing sideways. It denotes that price may show some consolidation. The RSI at 59 reversed down from the overbought territory denotes price is cooling off from higher levels.
Conclusion
GALA price prediction is bullish for the next few months and suggests bulls are dominating. Till the price sustains above the $0.02500 level the probability of the breakout remains high. So, investors may look to buy Gala on dips to generate nominal returns.
Technical levels
- Resistance levels: $0.04007 and $0.05001
- Support levels: $0.02524 and $0.02000
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
Source: https://www.thecoinrepublic.com/2023/12/26/gala-price-surged-15-will-the-momentum-sustain-or-get-faded/