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Vikram
Aug 13, 2022
by Vikram

GALA Technical Analysis: GALA Price Ready For A Comeback To $0.10

GALA Technical Analysis

Table of contents

  1. GALA Technical Analysis
  2. Upcoming Trend
The GALA price action shows an inverted head and shoulder forming within a consolidation range, teasing a price jump to the $0.10 mark.

Key Technical Points:

  • The GALA price has increased by almost 45% in the last month.

  • The increasing price displays a power struggle at the 100-day SMA.

  • With a market cap of $469 million, the intraday trading volume of Gala Games has increased by 41% over the last 24 hours to reach $354 million.

    • Past Performance of GALA

    The GALA prices take a positive turnaround from $0.046 with a double bottom breakout resulting in a price jump to the 100-day SMA. The bullish reversal comes after a long phase of consolidation with overhead resistance at the $0.070 supply zone. Moreover, the price action indicates an inverted head and shoulder pattern within the range teasing a bull run above $0.070.

    TradingView Chart

    Source - Tradingview

    GALA Technical Analysis

    The higher price rejection in the GALA prices reflects a rise in bearish influence, projecting a reversal possibility. That is why traders hoping to write the bullish trend must wait for a daily candle to close above $0.070.

    The bullish turnaround challenges the 100-day SMA, while the lateral shift in the 50-day SMA reflects an improvement in the underlying bullishness.

    The diagonal uptrend in the daily RSI slope with the support of the 14 days average line reflects growth in buying pressure. Supporting the RSI indicator, the fast and slow lines maintain a positive trend in the MACD indicator.

    In a nutshell, the GALA technical analysis suggests that traders wait for a price action confirmation to avoid a bearish turnaround.

    Upcoming Trend

    If the GALA price action prices are above the $0.070 supply zone, the uptrend trend approaching $0.10 is highly likely.

    However, a bearish turnaround will test the 50-day SMA close to the $0.055 mark.

    Resistance Levels: $0.070 and $0.090

    Support Levels: $0.065 and $0.0

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    GALA Technical Analysis: GALA Price Ready For A Comeback To $0.10
    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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