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- The token is trading above the demand zone on the daily time frame.
- GALA token is taking a retracement at the 200 EMA.
The GALA token has gained more than 200% in the past few weeks with high volumes forming strong bullish candle on the daily chart. Gala token has a limited supply of 50 billion tokens, making it a good investment: the token’s value may rise as demand grows.
GALA token on the daily chart
With strong bullish momentum, the bulls are driving up the token’s price. GALA token is currently trading at $0.0533, a loss of -0.96% in the last 24 hours, as shown on the daily chart. The token has crossed and sustained above its key Moving Averages of 50 and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). It remains to be seen if the bulls can bounce off the token’s price from 200 EMA.
Relative Strength Index: The RSI curve of the asset is currently trading at 60.84 and is declining as the token forms a strong bearish candle to take retracement on the daily time frame. The RSI curve has crossed below the 14 SMA. If the bulls fail to hold onto the level and the token’s price falls below the 200 EMA, the RSI curve’s value will fall even further.
Analyst view & Expectations
After facing resistance at the 200 EMA for several days, the token was able to cross and sustain above the 200 EMA, and it is now having a pullback before continuing its upward journey. Investors should hold the buy and wait for the token to gain support from the 200 EMA and show some bullish momentum before buying to obtain more information on the trend’s direction. Intraday traders, on the other hand, have a good opportunity to go short if the token falls below the 200 EMA and book profits based on their risk to reward ratio.
According to our current GALA price forecast, the value of GALA is expected to climb by 11.44% over the next few days, reaching $ 0.059352. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 51. (Neutral). Over the previous 30 days, GALA had 19/30 (63%) green days and 33.21% price volatility. According to our GALA forecast, now is the time to buy GALA.
Technical Levels
Major support: $0.0466 & 200 EMA on the daily chart
Major resistance: $0.0650 & $0.0683
Conclusion
According to the price action, the overall outlook for the token is bullish, with bulls driving up the price of the token and forming a bullish chart pattern. Investors who want to take a risk can buy now, while those who want to trade safely should wait for a clear indication before investing.
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.
