GALA Technical Analysis: GALA Sellers Delay Bull Run To $1

Table of contents

  1. GALA Technical Analysis
  2. Upcoming Trend

The GALA price action shows a power struggle at the $0.070 mark delaying the bullish breakout of an inverted head and shoulder pattern.

Key Technical Points:

The market price maintains a sideways trend between $0.065 and $0.070.The increased selling pressure threatens a fallout of the inverted head and shoulder pattern.With a market cap of $8.85 billion, the intraday trading volume of Gala Games has decreased by 62% to reach $1.52 billion.

Past Performance of GALA

As we mentioned in our previous analysis, the GALA price completes the head and shoulder pattern as it reaches the $0.070 mark. However, the increased selling pressure delays the bullish breakout. The sideways trend between the $0.065 and $0.070 marks is taking a bullish turn from the 100-day SMA.

TradingView Chart

Source – Tradingview

GALA Technical Analysis

The 3.92% growth in GALA prices keeps the bullish breakout hopes alive, keeping the sideline buyers excited to enter the breakout opportunity. However, traders must avoid giving into FOMO and wait for a price action confirmation to avoid a bearish reversal.

Moreover, the market price sustaining about 100-day SMA keeps increasing the possibility of a bullish crossover of the 50-and-100-day SMA.

The MACD indicator displays a long-term uptrend in the fast and slow lines crossing about the zero line in the daily chart. Moreover, the positive trend in the MACD histograms reflects the constant flow of buying pressure.

The daily RSI line displays a diagonal uptrend above the 14-day average line, reflecting an increase in underlying bullishness.

In a nutshell, the GALA technical analysis maintains a bullish viewpoint for the upcoming trend.

Upcoming Trend

As the buying pressure increases, the GALA prices may shortly give the bullish pattern a breakout and reach the $1 mark.

Resistance Levels: $0.70 and $1

Support Levels: $0.65 and $0.50


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Your email address will not be published.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 *