GALA price prediction is bearish for the short term till it trades below the 200-day EMA. However, the prices look oversold so a pullback rally is pending.
Gala crypto price is slipping down by forming lower low swings indicating the dominance of sellers. Short-term pullback rallies facing rejection show the presence of sellers on the higher levels.
GALA Price trading below the 50-day and 200-day EMA showcase downtrend. Buyers tried multiple times to climb above the 50-day EMA but got rejected and reverted down.
For the past few months, Gala’s price consolidated in a narrow range and showed signs of base formation.
However, in the middle of August, the GALA crypto break dropped below the lower range which triggered the negative sentiment. Luckily, the prices did not collapse and the downfall halted near $0.01800.
Presently, GALA price is trading at $0.01874 with an intraday decline of -0.43. The 24-hour volume to market cap is 9.90%.
The pair of GALA/BTC is trading at 0.00000073 with an intraday rise of $1.39%. The chart pattern of both pairs looks similar and no signs of recovery are visible.
Will GALA Price be able to defend yearly low?
GALA price prediction is bearish but a short-term pullback rally is pending. The overall crypto market is recovering so if the recovery continues then it might positively impact the GALA as well.
Till the GALA price sustains above $0.01549 the probability of bounce back will increase substantially. Moreover, if the buyers succeed in breaking the $0.02473 hurdle then more upside will open.
On the other hand, if the crypto price drops below the $0.01549 level. Then bears might try to drag it further down toward new lows.
GALA Crypto Price Analysis on Weekly Time Frame
GALA crypto price is forming a long tail bearish candle on a weekly time frame. It shows that the sellers are still active and a minor pullback rally will be used as a shorting opportunity.
The MACD curve slopes sideways indicating prices might continue the consolidation for some more time. The RSI at 36 denotes weakness but prices are near to the oversold territory so a relief rally might arrive anytime.
GALA price prediction suggests a short-term pullback rally is possible in the coming months. However, till Gala crypto trades below the 200-day EMA, the prices are expected to remain in bear grip.
The technical analysis suggests, that the downfall in GALA has taken a halt but the trend remains down.
- Resistance levels: $0.02473 and $0.02886
- Support levels: $0.01549 and $0.01500
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.