The cryptocurrency market has kickstarted the week on a bearish note. This has resulted in the top tokens losing significant value in their respective portfolio. On the other hand, the Gala token has secured the top loser spot with a double-digit drop.
Will the Gala price regain momentum, or will this Gaming token lose its value and plunge toward its lower support levels this month? In this article, we have covered the possible short-term Gala Price Analysis.
Amid increased price volatility in the cryptocurrency market, the Gala coin price has lost over 11% in 24 hours. However, this altcoin has formed an expanding channel pattern in the longer time frame and continues trading in it. This highlights a strong positive outlook in the upcoming time.
The EMA 50-day constantly supports the Gala price chart in the daily time frame. Moreover, with its recent Golden Cross, this altcoin indicates an increase in the bullish price action for it in the crypto market.
Furthermore, the Relative Strength Index (RSI) has displayed a sharp drop toward the overbought range in the price chart. With its average trendline experiencing a bearish convergence, the Gala token hints at a mixed price sentiment this week.
If the bullish sentiments are sustained, the Gala price could potentially retest its resistance level of $0.066. If the bullish sentiment intensifies at that point, this could push the price of this altcoin toward its upper high of $0.0790.
However, a bearish action could result in it retesting its resistance level of $0.05305. Moreover, if the bulls fail to regain momentum at that point, this could pull the Gala coin price toward its low of $0.03975.
Curious to explore the long-term price prospects of this gaming token? Read our Gala Price Prediction to uncover mysteries until 2030!
For this crypto project to achieve this milestone, it will need a rally of 1,722.29%.
With a 24-hour trading volume of $458.83 million, this altcoin is currently exchanging hands at $0.05487.
If the bullish sentiment sustains, the Gala coin price could reach a maximum price of $0.10.
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