menuIcon
$ 82,403.5
BTC
$ 82,403.5
0.03 %
$ 1,805.89
ETH
$ 1,805.89
-0.61 %
$ 0.6629
ADA
$ 0.6629
-0.75 %
$ 601.84
BNB
$ 601.84
0.05 %
$ 125.04
SOL
$ 125.04
1.36 %
Vikram
Mar 15, 2022
by Vikram

GALA Technical Analysis: Will The Buyers Hit $0.25?

GALA
GALA coin price continues to fall after the bearish wedge breakout and approaches the $1 mark. Will the bears demolish another psychological support?

Key technical points:

  • The coin price approaches the $1 mark.

  • The RSI approaches the oversold zone. 

  • The 24-hour trading volume of GALA is $886 Million, marking a 26% rise. 

    • Past Performance of GALA

    GALA coin price rests above the $0.20 support zone with the constant overhead bearish influence by the resistance trendline. As a result, the coin price consolidates for a week with no significant fluctuations representing minimum trading activities. However, this sideways movement is a blessing in disguise for GALA holders as other Meta tokens like MANA and SAND have declined by 20% and 15% last fortnight. 

    TradingView Chart

    GALA Technical Analysis 

    GALA coin price could show a reversal to the resistance trendline as the overall market recovers. However, a rise in trading volume is a must for the bullish breakout of the resistance trendline. 

    The 50-day and 100-day EMA give a bearish crossover but struggles for a bearish spread. Therefore, the bulls can still sabotage the crossover with a reversal and bring another bullish crossover. However, as altcoin trades below the EMAs, the strings will provide dynamic resistance to the turnaround.

    RSI Indicator: The RSI slope moves in a zig-zag line maintaining a sideways trend below the 50% line. However, despite being able to withstand the selling pressure, the RSI slope shows no signs of a bullish divergence, 

    MACD Indicator: The MACD and signal lines give a reversal-led bullish crossover indicating a potential price jump to the resistance trendline. 

    In a nutshell, GALA technical analysis shows a sideways trend, waiting for a bullish ignition to reverse the trend.

    Upcoming Trend 

    The solid underlying bullishness will influence the upcoming trend of GALA coin price with the breakout of the 50 and 100-day EMA. However, the $0.20 support breakout will nullify the bullish reversal theory and result in a price fall to the $0.18 mark.

    Resistance Levels: $0.25 and $0.30

    Support Levels: $0.20 and $0.18

    Follow us on: News
    GALA Gala Games
    GALA Technical Analysis: Will The Buyers Hit $0.25?
    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