- The price is declining inside a descending triangle pattern over the daily price chart. The token needs its bulls for support.
- The crypto asset is moving below the 20, 50, 100 and 200 days moving average.
- The GALA/BTC is at 0.000002683 BTC with a loss of 2.75% in it.
GALA aims to take the gaming industry in a different direction by giving players back control over their games. Players can own non-fungible tokens (NFTs) and influence the governance of games within the Gala Games ecosystem.
The GALA price is moving inside a descending triangle pattern over the daily price chart. Currently the bears are pushing the price to the lower arm and possibly can register a breakdown soon, this bearish pressure is giving hard times to the whole cryptocurrency market. The token needs to attract buyers to oppose the trend and prevent a breakdown. Analysts believe that if a breakdown takes place the price may plunge to a support level of $0.020. The price is moving way below the 5 days simple moving average.
The current price for one GALA coin is trading at $0.052 which is at a loss of 1.13% in its market capitalization in the last 24 hrs. The coin has a trading volume of 193 million which is at a loss of 2.75% in the 24 hrs trading session and a market cap of 364 million. The volume market cap ratio for GALA is 0.5302.
What do Technical Indicators suggest for GALA
The trading volume slumps 2.75% and is moving below its average and the price is moving below the exponential moving average. The technical indicator MACD is on the verge to give a negative crossover as in support the histograms are minimizing. Along with this the relative strength index is indicating the selling pressure over the coin and is approaching the oversold region. The RSI value for GALA is below 40. While the bollinger band stands in favor of bulls as the price made a cross on the lower band.
Conclusion
The GALA price is moving inside a descending triangle pattern over the daily price chart and is suffering a downtrend movement across all time horizons. Currently the bears are pushing the price to the lower arm to make a breakdown. The trading volume is at a loss of 2.75%. The technical indicators show a bearish run ahead.
Technical levels
Resistance levels: $0.070 and $0.079
Support levels: $0.046 and $0.040
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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