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•GALA/USD is currently priced at $0.055 and has increased by 2.51% over the past day
•The trading volumes have decreased by 20.99% over the past day
•The technical indicators show a positive outlook for the near term
Short Term View: Will Gala Coin be able to break free from bears’ clutches?
The Gala Token price today is $0.055572 USD with a 24-hour trading volume of $180,106,155 USD. Gala Token is up 2.51% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.4645 for the altcoin.
Gala Token has been printing multiple bear flags since it reached its all-time high of $0.8367 on Nov 26, 2021. The Gala Coin price has recovered slightly over the past day after a bloodbath ensued in the market. However, should the altcoin break down off its current bear flag parallel channel, a target of the low $0.050 may be on the cards? However, should bullish sentiment resume, the bulls will need to tackle resistances at the middle and top of the current parallel channel located at $0.060 and $0.070 respectively. The sentiment has turned to one of optimism which is depicted accurately by the Gala Coin prices currently transacting above the 20,50 SMA on the four-hour chart.
Long Term View for Gala Coin
After a period of turbulence, Gala Coin has witnessed some increments today. The RSI is currently transacting at 44.43 and looks to be on an upward trajectory towards the positive territory. On the other hand, in a move that has brought respite to the investors, the green histograms are gaining traction on the daily chart as well. The MACD and signal lines are heading towards the positive territory which bodes well for the future prospects of Gala Token.
Conclusion
Gala Coin has recorded some gains on Saturday and is showing signs of recovery after the recent bloodbath. However, if the support level is breached, the bulls could be left staring at the face of another downtrend.
Support: $0.050-$0.040
Resistance: $0.060-$0.070
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
