- GALA price is trying to sustain at the lower trendline of the consolidation phase over the daily price chart.
- GALA crypto consolidates below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of GALA/BTC is at 0.000002654 BTC with an intraday drop of 1.23%.
The bulls are attempting to support the price of GALA, but it appears that the token is sliding sharply toward the lower range of the consolidation phase. To surge towards the upper level, GALA has to assemble bullish support. GALA got stuck between $0.050 and $0.072 on the daily price chart after an amusing roller coaster ride. GALA is attempting to find support near the mid-range as it deals with pressure from short-selling. Bears in GALA are attempting to short the market and pull the token down to lower levels. However, GALA crypto must surge towards the upper trendline to register its breakout and also its recovery phase.
GALA’s market value has climbed by 3.41 percent in the last day, and it is currently trading at $0.053. During the intraday trading session, trading volume jumped by 7.85 percent. Therefore, during the intraday trading session, the rate of accumulation should be accelerated. The volume to market cap ratio is 0.06712.
To accelerate toward the upper trendline of the horizontal range-bound area over the daily price chart, the GALA coin price needs to draw in additional buyers. To break out of the pattern, the token needs to assemble forces of buyers. But just now, the token is dropping over the daily chart. Volume change is below average and must increase for GALA to experience considerable growth.
What do Technical Indicators suggest about GALA?
The GALA coin price has remained confined inside the horizontal range-bound area and is attempting to attract buyers, but it appears like bears are now in control of the token. Technical indicators suggest the sideways momentum of the GALA coin. Relative Strength Index showcases the consolidation phase of GALA coin. RSI is at 40 and is below neutrality. MACD exhibits the sideways momentum of the GALA coin. The MACD line is overlapping the signal line and GALA investors need to wait for any directional change over the daily price chart.
Conclusion
The bulls are attempting to support the price of GALA, but it appears that the token is sliding sharply toward the lower range of the consolidation phase. To surge towards the upper level, GALA has to assemble bullish support. GALA got stuck between $0.050 and $0.072 on the daily price chart after an amusing roller coaster ride. But just now, the token is dropping over the daily chart. Volume change is below average and must increase for GALA to experience considerable growth. Technical indicators suggest the sideways momentum of the GALA coin. The MACD line is overlapping the signal line and GALA investors need to wait for any directional change over the daily price chart.
Technical Levels
Support Level: $0.050
Resistance Level: $0.072
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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