The price action of the GALA crypto shows selling pressure was noted on the charts and was in a downtrend, forming lower lows over the past few months. Moreover, due to declining investor interest, trading volume was below average. Furthermore, the GALAUSD showed a decline in user activity which also reacted as a negative sentiment for the crypto and led to bearishness in the charts.
The ongoing trend favors bears, and the crypto was also in a corrective phase, which made buyers cautious. Moreover, the GALAUSD trades below the significant moving averages and tries to attain the 50-day EMA.
At the time of writing, the GALAUSD price is trading at $0.01596026 with an intraday gain of -0.10%. Moreover, the intraday trading volume decreases by 11.35% to $2.328 Million and the market cap is $798.013 Million.
GALA Crypto has given a poor performance over the years. Year-to-date it gave negative returns of -4.36% and gave –51.63% in the span of 6 months. In the last 1 month, it gave a negative return of -30.80%; and -19.92% in the last seven days. Indicating a long Bearish trend continuing till now.
Technical Analysis of GALA Crypto Price in 1-D Timeframe
At the time of publishing, GALA crypto is trading below the 50 and 200-day SMAs (Simple moving averages), which do not support the price trend.
The current value of RSI is 28 points. The 14 SMA is below the median line at 33 points which indicates that the GALAUSD crypto is bearish. The MACD line at -0.00148961 and the signal line at -0.00127415 are above the zero line. The bearish crossover in the MACD indicator signals more bearishness for the GALAUSD crypto price.
On the weekly charts, the GALAUSD price is stuck in a narrow range and does not signal an upcoming rise because of low volume levels. Moreover, a key indicator is still in the bearish range and does not signal bullishness.
The RSI curve is near 33, in the negative territory, under bearish momentum. The MACD indicator still showed red bars on the histogram with a bearish crossover but did not signal any substantial upswing.
Summary
GALA crypto is moving in the downward slope below the key moving averages. The MACD, RSI, and EMAs are pointing to bearishness in the crypto price. The crypto is trading in a descending pattern, facing multiple rejections from 50 EMA. Investors and traders are bearish on the 1-D and weekly time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
- Support Levels: $0.01246020 and $0.00406541.
- Resistance Levels: $0.02085499 and $0.02396107.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
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
Source: https://www.thecoinrepublic.com/2023/09/07/gala-crypto-price-forecast-whats-next-for-gala-in-2023/