GALA token price analysis:GALA token price is trading in a narrow range will it give a breakout? -

GALA token price has been in downtrend from the past trading days and currently it is trading at $0.253.
The token is a forming symmetrical triangle pattern on a daily time frame.
The pair of GALABTC is trading at 0.000003894 with a decrease of -0673% in the market cap of the digital asset over the past 24
hours.

GALA token price has been in downtrend from the past couple of trading weeks and now it is seen resting at the long term demand zone of $1.7.The token is forming lower low and lower high formation on daily time frame.At present, the token is trading below all the crucial Exponential Moving Average(20, 50, 100) and could face rejection moving upwards.After facing rejection at the upper band of the bollinger band indicator, the token has fallen down to lower bnd of bollinger band.The fall in the token of the price was very sharp due to overall bearishness in the cryptocurrency market.The token gave a breakout of all the vital EMAs earlier this month but could not sustain as it faced rejection from the same price level twice.As a result it formed double top pattern and gave a breakdown of the short term demand zone.Volumes over the past trading days have decreased which has led to less volatility and therefore it will become difficult for the token to recover from downtrend.

ADX and RSI are showing bearish momentum on the daily time frame

GALA token price, as per the technical parameters is turning bearish.

Average Directional Movement Index: ADX has been continuously dipping as the token started falling from recent high.Recently,the ADX curve dipped below 30 and is still below it. At present the ADX curve is 27.92 and thus it follows the token price.Once the GALA token price breaks out of the green trendline on the upside, the ADX Curve can be seen turning upwards.

Relative Strength Indicator: RSI is trading at 51.82 after the token faced rejection and fell.The RSI curve fell out of the overbought zone and is also downtrend since the token started falling. The token has crossed the halfway mark of 50, and now the token price can rise to $0.35 if the bulls do take control and if the bears take control then the price can break down the long term demand zone. The RSI curve has crossed the 20 SMA curve, indicating a bearish trend for the short term.

GALA token is forming symmetrical triangle pattern on daily time frame

GALA token price, from the past trading days is in a strong bearish pressure.The token was trading in a small range from the past trading days and thus it has resulted in the formation of symmetrical triangle pattern.Breakout of the pattern on downside can push the price down to $0.1.

Moving Average Convergence Divergence (Bullish): MACD indicates a bearish trend on the daily time frame. The seller’s (orange) line crossed the buyer’s (blue) signal line on the downside. The token is now in a strong downtrend for a short term and a little more pressure from bears could push the price down to$0.1 breaking the long term demand zone of $0.17.

Supertrend: The token is in a downtrend on shorter prospects, and the supertrend indicator is depicting the same. The indicator has given a sell signal after the token crossed the super trend line at $0.24 with a big bearish candle.If the token breaks out of the green trendline of long term demand zone at $0.32, then the indicator could trigger buy signal.

CONCLUSION: GALA token price has been in a downtrend.As per the price action, the GALA token has formed bearish pattern on daily time frame and none of the parameters shows a bullish sign.If the token break the long term demand zone of $0.17 then, it will become difficult for the token to recover out of the bearish trend. It remains to see if the token breaks out of the $0.32 supply zone or falls down to $0.12 at the long term demand zone.

SUPPORT: $0.12 and $0.13

RESISTANCE: $0.28 and $0.32

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the 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