Home
News
- The GALA token price is bearish on the lower time frame, as it fails to surpass the supply zone.
- The GALA token price is resting at the long-term demand zone, and a bounce could be on the cards soon.
- The pair of GALA/BTC is trading at the price level of 0.000002 with an increase of 1.19% in the past 25 hours.
The GALA token price, as per the price action, is bearish on a daily time frame. The token price is currently making lower low and lower high for action on a lower time frame. As of now, the token price is resting at the long-term demand zone, after failing to break the resistance. The recent breakdown in the price of GALA token price has resulted in the breakdown of small-term resistance in the short-term time frame, forming head and shoulder patterns in the daily time frame. Before the recent fall, the GALA token price was consolidating in a small range. As the overall cryptocurrency market games bearish pressure, the GALA token price also fell. The GALA token price is trading below the 50 and 100 Moving averages. Recent bearishness led to a breakdown in the price of GALA token price, resulting in the breaking down of the MAs. Moving upwards these token prices can be seen facing strong rejection of the Moving Averages. The GALA token Price isn’t doing at the bottom band of the Bollinger band indicator after failing to hold at the upper band. The breakdown in the GALA token price has led to it falling below the 14 SMA. Volumes have increased causing the volatility to increase in the upcoming trading days.
The GALA token price is forming a bearish chart pattern on a daily time frame
Supertrend: The GALA token price has turned bearish as it failed to surpass the supply zone forming a strong bearish candlestick pattern on a daily time frame. Recent bearishness resulted in the GALA token price falling below the important short-term demand zone. Previously the GALA token price was resting on the super trend buy line. As the token price fell, the super trend indicator triggered a sell signal. As of now, the GALA token price is trading below the super trend sell line, and moving upwards the token price can be seen facing rejections off the super trend line.
Moving Average Convergence Divergence: Recent breakdown in the price of GALA tokens seems to be real as the MACD indicator has triggered a negative crossover. The orange line crossed the blue line on the upside indicating bearish momentum in the upcoming days. If the token price can sustain above the current long-term demand zone, then the MACD indicator can be seen to turn positive. If the GALA token price fails to hold the current price levels and falls below the demand zone, the MACD line can be seen widening supporting the breakdown.
Relative Strength Index: The RSI curve is transacting at 38.47 as the time price falls. Before the recent fall, the RSI curve was trading above the halfway make of 50. But as the token price fell off the short-term demand zone, the RSI curve fell below the halfway mark of 50. As of now, the RSI curve has fallen below the 20 EMA indicating a strong bearish sentiment in the upcoming days.
CONCLUSION: The GALA token price is trading at the demand zone on a daily time frame. As the price action suggests the token is forming a bearish chart pattern. The technical parameters are also bearish, depicting the GALA token trend. It remains to see if the token price sustains above the demand zone or goals to do so and falls below it, activating the bearish chart pattern. An investor should remain cautious and wait for a proper signal and then act accordingly.
SUPPORT: $0.049 and $0.047
RESISTANCE: $0.059 and $0.061
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
