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- Gala price has been consolidating inside a descending triangle pattern and is trying to escape the pattern over the daily price chart.
- The crypto asset is trading below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of GALA/BTC is at 0.000002689 BTC with an intraday drop of 0.51%.
Gala price has been falling through a descending triangle pattern over the daily price chart. The token tried to regain the uptrend momentum to move towards the upper trendline of the descending triangle pattern but GALA bulls failed to sustain and the token got detained again and again. GALA coin must attract more buyers as currently the token is trading in a crucial make-or-break situation. GALA must sustain at the downward trendline to register its breakout from the above mentioned pattern. However, due the circumstances of bear market bears may try to break GALA down and let GALA price slump more. GALA must escape the pattern with a breakout to avoid being caught in a short-sellers clutch.
Gala price is presently CMP at $0.054 and has lost 9.30% of its market capitalization in the last 24-hour period. Trading volume has decreased by 40% in the intraday trading session. This shows that GALA is under the control of bears and sellers are trying for a breakdown. Volume to market cap ratio is 0.8697.
On the daily chart, the GALA coin price is attempting to establish a strong uptrend. In a descending triangle pattern, the token has been falling. GALA is locked inside the descending pattern, as seen by the red bars of volume. To break the pattern, the cryptocurrency needs to gain support from buyers and attract more buyers. Bears, on the other hand, are currently in control of the situation and are attempting to register the token’s breakdown.
GALA Bulls Sustain or Get Detained
The GALA coin price is in a critical make-or-break situation, and bulls must step up or the price will continue to fall. The token is trying to escape the pattern but it looks like sellers are trying to pull the token down and let GALA fall more. Sustainability issues arise for GALA bulls as they need to sustain at the current level or else the token may face harsh consequences. Technical indicators suggest the downtrend momentum of GALA coin. Relative Strength Index showcases that GALA is heading towards the oversold territory and GALA investors need to wait for any directional change over the daily price chart.
MACD exhibits the bearish momentum of GALA coin price. The MACD line is crossing the signaline downwards resulting in a negative crossover. GALA seriously needs to accumulate more buyers in order to sustain at the current level inside the descending triangle pattern.
Conclusion
Gala price has been falling through a descending triangle pattern over the daily price chart. The token tried to regain the uptrend momentum to move towards the upper trendline of the descending triangle pattern but GALA bulls failed to sustain and the token got detained again and again. GALA is locked inside the descending pattern, as seen by the red bars of volume. To break the pattern, the cryptocurrency needs to gain support from buyers and attract more buyers. Technical indicators suggest the downtrend momentum of GALA coin. GALA investors need to wait for any directional change over the daily price chart.
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
