Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
GALA price prediction showcases the decline of Gala crypto price from the higher level over the daily time frame chart. GALA crypto needs to attract buyers in order to reach the recovery level of $0.022 and then $0.025. However, trading volume has been below average and needs to grow for the GALA crypto price to sustain at a higher level.
GALA price is down by -6.27% over the past 7 days, whereas according to the price action, the GALA price continues to move under the bears’ influence. Sellers are trying to pull GALA crypto prices toward the lower trendline. GALA must attract buyers in order to surge toward the upper trendline. Investors in GALA crypto need to wait for any directional change over the daily time frame chart.
Meanwhile, GALA crypto is trying to surpass above 20, 50, 100, and 200-day daily moving averages. GALA price has lost -20.53% in a month and -39.06% in the last three months. Moreover, the GALA price has plunged around -49.59% in the last six months and has gained 9.74% year-to-date. This confirms the facts regarding GALA crypto’s bearishness in upcoming sessions.
However, if more selling volume adds up, then the price might conquer supporting SMA’s by making lower highs and lows. Hence, the GALA price is expected to move downwards giving bearish views over the daily time frame chart.
Technical Analysis of GALA Crypto Price in 1-D Timeframe
At the time of publishing, Gala crypto (GALA) is trading below the 50 and 200-day SMAs (Simple moving averages), which are supporting the price trend.
Technical indicators suggest the downtrend momentum of the GALA crypto price. The relative strength index showcases the downtrend momentum of GALA crypto. RSI was at 33 and is heading towards the oversold. MACD exhibits the downside trend of GALA crypto price. The MACD line is below the signal line after a negative crossover. Investors in GALA crypto need to wait for any directional change over the daily time frame chart.
Summary
GALA cryptocurrency shows a dropping trend according to the GALA price projection from the upper level. In order for GALA cryptocurrency to rebound and reach the levels of $0.022 and then $0.025, it must draw buyers. Moreover, the price of GALA has decreased by almost 50% over the past six months. Technical indications point to the price of GALA cryptocurrency being in a downturn. Investors in GALA cryptocurrency must watch the daily time frame chart for any directional changes.
Technical Levels
If it can keep this level, the GALA price could continue to go up and reach the first and second targets of $0.02396188 and $0.02925018. However, if the GALA price cannot maintain this level and falls, then it might hit the closest support levels of $0.01556709 and $0.01246060.
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.
Source: https://www.thecoinrepublic.com/2023/09/02/gala-price-prediction-will-gala-flip-the-game-in-2023/