Home
News
- 1 GALA crypto shows selling pressure and is trading in a downward channel.
- 2 Sellers have gained momentum and looked aggressive in the past few sessions.
The charts for GALA crypto indicate a downward trend with selling pressure, as lower lows have been formed over the last few months. Trading volume has been below average due to declining investor interest. User activity for GALA has also decreased, leading to negative sentiment and bearishness on the chart.
The ongoing trend favors bears, and buyers are being cautious due to the corrective phase the crypto is in. Additionally, GALA trades under significant moving averages and is trying to reach the 50-day EMA.
At the moment, the price of GALA crypto is $0.04598, experiencing a 1.62% intraday loss. The intraday trading volume is 168.01 million, and the market cap is $1.41 Billion.
GALA crypto has not performed well over the years. While it has given good returns of 52.05% year-to-date and 162.73% in six months, it has given a negative return of -30.80% in the last month and -19.92% in the last seven days. This indicates that the long bearish trend is still continuing.
Technical Analysis of GALA Crypto Price in 1-D Timeframe
The MACD line is currently at -0.00269990 while the signal line is at -0.00127415 and both are above the zero line. This indicates that the GALAUSD crypto price is experiencing more bearishness due to the bearish crossover in the MACD indicator.
The current RSI value is 43.48 points, and the 14 SMA is below the median line at 41.51 points. This suggests that the GALAUSD crypto is currently in a bearish state.
At the time of writing, the GALA crypto is trading below the 50 and 20-day EMAs (Exponential Moving Averages), which do not support the price trend.
On the weekly charts, the GALA price is taking support on the 50 EMA line if the price breaks the dynamic support it may test the lower levels.
Summary
GALA crypto is experiencing a downward trend with selling pressure and decreasing investor interest. Crypto has shown good returns year-to-date and in the last six months, but has given negative returns in the last month and the last seven days, indicating a continuing bearish trend. The MACD line is at -0.00269990, the signal line is at -0.00127415, and both are above the zero line, indicating bearishness. The current RSI value is 43.48 points, suggesting a bearish state for crypto. The crypto is trading below the 50 and 20-day EMAs, not supporting the price trend.
Technical Levels
Support Level: $0.03862556
Resistance Level: $0.06150456
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
