GALA Drops 14%, on the Brink of Another Collapse to $0.07?
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Past Performance
GALA is in red when writing, dropping five percent in the past 24 hours and 14 percent in the previous trading week, trailing the USDT. As per the development in the daily chart, sellers have the upper hand, forcing the coin below $1.
GALA Technical Analysis
GALA is struggling against emphatic bears, dropping below the psychological resistance level at around $0.20. At spot rates, aggressive traders may unload on every pullback towards $0.18. This reaction line flashes with the highs of April 26—a critical trend defining bar in the short term. A sharp close below Q1 2022 lows. This level coincides with January 2022 lows at $0.15. If the breakout bar has significantly higher trade volumes, the sell-off could be profound, forcing GALA towards $0.07—a key Q3 2021 reaction point. Unexpected gains above April 26 highs of $0.18 would encouragingly nullify the bearish outlook.
What to Expect?
GALA is bearish, cratering 81 percent from late 2022 highs. More losses below April 26 lows may see the token give up gains posted in Q4 2021.