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Vikram
May 12, 2022
by Vikram

GALA Technical Analysis: Falling Trend Breaks Bullish Back

GALA
GALA prices face a sharp fall in the market value as the retest rally breaks the $0.075 support zone and warns of a prolonged bearish trend.

Key technical points:

  • The GALA price has plunged 42% in the last 24 hours.

  • The RSI values drop under the oversold zone.

  • The 24-hour trading volume of Gala Games is $648 Million, indicating a 2% fall. 

    • Past Performance of GALA

    The GALA holders who lost the psychological support of $0.10 have released the prolonged selling momentum. The long-term correction has recently crossed the $0.075 support, which resulted in a devaluation of 60% last month. If sellers can sustain their position at a lower level than this support breached, then the subsequent downfall could be at the $0.05 psychological mark.

    TradingView Chart

    GALA Technical Analysis 

    The GALA price dropped significantly after the falling wedge failed to control the bearish trend resulting in the $0.15 breakout. However, the prices plunged after the retest and currently stand below the $0.075 support level.

    The widening gap between the EMAs that are downsloping indicates rising selling pressure. Hence, the reversal rally will have to struggle to surpass the bearish aligned EMAs.

    The RSI values show a solid downtrend starting from the overbought zone and leading into a sideways trend below the halfway line. And, due to the recent surge in selling, the RSI dips into the oversold zone reflecting growth in underlying bearishness.

    The MACD and signal lines maintain a downtrend signaling a bearish trend in motion, highlighting a selling spot at market price.

    In short, the GALA technical analysis forecasts a potential downtrend below the $0.075 level.

    Upcoming Trend

    It is possible that once the GALA price retests the bottom support of 2021 at $0.075, it could trigger an eventual fallout. If sellers manage to breach this bottom support, traders could witness a plunge to the $0.05 mark and then $0.02.

    On the opposite end, if buyers reverse to the altcoin that was $0.075 resistance, the rise could retest the $0.12 mark.

    Support Levels: $0.022 and $0.015

    Resistance Levels: $0.075 and $0.12

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    GALA Gala Games
    GALA Technical Analysis: Falling Trend Breaks Bullish Back
    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.

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