menuIcon
$ 96,425.2
BTC
$ 96,425.2
2.20 %
$ 1,827.61
ETH
$ 1,827.61
1.60 %
$ 0.6759
ADA
$ 0.6759
2.72 %
$ 604.00
BNB
$ 604.00
0.94 %
$ 145.89
SOL
$ 145.89
0.97 %
Vikram
Feb 21, 2022
by Vikram

GALA Technical Analysis: Don’t Forget To Buy This Upcoming Dip 

GALA
The GALA coin price breaks below the $0.30 support zone and the 100-day EMA. Will the price action form another bottom at $0.20?

The GALA coin price shows a 30% downfall from the recent rejection near the resistance trendline. The downfall cracks multiple support levels to reach $0.25. Moreover, today’s 7% reversal comes as a retest of the $0.30 zone. 

Key technical points:

  • GALA coin price finds weak support near $0.25.

  • The altcoin price breaks beneath the 100-day EMA.

  • The 24-hour trading volume in the GALA token is $1.01 Billion, indicating an 18% rise. 

    • Past Performance of GALA

    The GALA coin price action shows a long-coming resistance trendline in the daily chart, keeping the bullish growth in check. The last 120% price jump from $0.20 failed to rise above the trendline, and recent rejection breaks below the $0.30 mark. 

    Currently, the market value of a single GALA token is $0.2679, with a 7.27% spike in the last 24 hours. 

    TradingView Chart

    GALA Technical Analysis 

    The rejection from the sellers driven descending trendline keeps the GALA coin under the downtrend. However, a reversal to the $0.20 will be an excellent buying spot for the long-term investors as it remains a crucial support level. 

    The crucial 50 and 100-day EMAs maintain a bullish alignment in the daily chart as the price breaks below the two. Moreover, the falling slope of the EMAs indicates a high possibility of a bearish crossover. 

    The RSI Indicator shows the slope trending lower and breaking below the 50% mark. However, the indicator projects the recent dip at $0.25 comes at a higher percentage value than the dip on 20th January. That is why the indicator is projecting a bullish divergence.

    The MACD indicator shows the MACD and signal lines give a bearish crossover slightly above the zero mark. However, the lines diverge slowly, indicating a possible reversal to undermine the crossover. 

    In short, the GALA technical analysis showcases the reversal to continue and reach the $0.20 mark.

    Upcoming Trend

    The GALA coin price may shortly reach $0.20 despite the bullish spike observed overnight as the underlying bearishness may soon takeover after a $0.30 retest. However, the price action can form another bottom at $0.20 which can reverse the trend once again. Hence, traders can find the $0.20 as an excellent bullish entry spot. 

    Support Levels: $0.25 and $0.20

    Resistance Levels: $0.30 and $0.36

    Follow us on: News
    GALA Gala Games
    GALA Technical Analysis: Don’t Forget To Buy This Upcoming Dip 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

    Top Picks