GALA Technical Analysis: Downtrend Soon To Crack Under $0.050

Table of contents

  1. Past Performance of GALA
  2. GALA Technical Analysis
  3. Upcoming Trend

The long-coming resistance trendline fuels the falling trend in GALA with the recent rejection and warns of a fall to the psychological mark of $0.050.

Key technical points:

The market price has decreased 2.72% over the past 24 hours.The falling trend approaches the psychological support level at $0.050.The 24-hour trading volume of Gala Games is $454 Million, indicating a hike of 65%.

Past Performance of GALA

The 90% downfall in 2022 continues under the influence of a highly bearish descending trendline after breaking under all the crucial EMAs. The recent rejection from the resistance trendline crumbles the consolidation range above the $0.063 mark and approaches the $0.050 mark.

TradingView Chart

Source- Tradingview

GALA Technical Analysis

GALA prices have fallen by 43% over the past seven days as the selling pressure increases with the trendline reversal. Hence, the chances of a downside continuation resulting in the breakout of $0.050 increase significantly with the falling market. The crucial Exponential Moving Averages – 50, 100, and 200-days maintain a descending trend with a gradual increase in bearish spread.

The MACD and signal lines signal a bearish crossover as the negative trend in the histograms starts in the daily chart. Moreover, the RSI indicator shows an increase in underlying bearishness as the slope creeps to the oversold boundary. Furthermore, the RSI trends below the 14-day SMA add points to the bearish side. Hence, the technical indicators display a selling spree ready to breach the psychological mark of $0.050. In a nutshell, the GALA technical analysis forecasts a rise in panic selling, leading to a further decrease in market value.

Upcoming Trend

If the crazy bear attack knocks the market value under $0.050, a bearish continuation will reach the $0.30 mark as the downtrend gains momentum.

Resistance Levels: $0.063 and $0.070

Support Levels: $0.050 and $0.030

Tags

Share this post:

Share on facebook
Share on twitter
Share on pinterest

Post comment

Your email address will not be published. Required fields are marked *