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- The Gala crypto price has declined by 46% since April, turning the trend bearish for the token.
- The RSI has generated a death crossover with an RSI-based moving average.
According to the chart structure, the GALA crypto price has triggered a breakdown from the major support level of $0.0400. The price tried many times to exceed the $0.0500 hurdle, but the sellers were strong enough. They dragged the price below the 200-day EMA level.
The Gala price has witnessed intense buying pressure since the first week of February. However, the bullish trend was interrupted near the $0.0800 hurdle and displayed profit booking. Since mid-March, the GALA price has been on a bearish trend and has declined by taking minor pullbacks.
The RSI is 36, generating a death crossover with an RSI-based moving average and heading toward the oversold zone. The histograms have flipped to red and developed a bearish crossover with the signal line.
Price vs Volume Analysis
Since May, the trading volume has remained constant, but the Gala crypto price has performed negatively. In the past 3 days, the trading volume has dropped by 70%, and the price has also reacted negatively. A sudden rise in trading volume may impact the price positively.
Bull Run About to Initiate?
A user on X claims the Gala crypto price got weekly closure below the range, expecting a lower sweep. The GALA crypto has almost grabbed the liquidity at the lower level and may decline a little bit more.
$GALA
— $0uL (@spetsnaz_3) June 10, 2024
got weekly closure below the range
expecting a lower sweep
dont sell spot bags now
this is fking bull run just hold for now#gala #GALA pic.twitter.com/Rlbh5Pt4Ow
In a weekly time frame, the Gala crypto price has dropped to the lower high swing, and higher chances for trend reversal can be expected.
Investors Looking for Buying Opportunity Below 200-day EMA?
When writing, the Gala price traded at $0.0375 with an intraday loss of 3.94%. The market capitalization is $1.19 Billion, and the 24-hour trading volume is $109.19 Million. The circulating supply is 31,640,215,981 GALA, and the fully diluted market cap is $1.27 Billion.
As per the chart structure, the Gala price has dropped below the major support level of $0.0400. The digital asset price has been rising in a broader time frame by forming higher lows, heading for a higher low.
The buyers at the major support level could be trapped at the higher low swing, and the price may witness a bullish trend. Strong buying pressure can be expected if the price exceeds the 200-day EMA and crypto’s trading volume increases.
On the other hand, the price below the trendline would be a sign of a bearish forecast. Below the $0.0300 mark, it would be difficult for the buyers to bounce back, and sellers may drag the price down to a new all-time low.
Conclusion
The Gala price has been on a bearish trend since mid-March, and the price has dropped below the major support level. In a broader time frame, the GALA crypto price has been rising by forming higher highs and higher lows. The price is expected to experience a liquidity grab, and a big pump can be expected. However, the technical indicators are favoring the bearish forecast.
Technical Levels
According to the chart structure, the GALA price might face resistance from the $0.0500 and $0.0700 levels. Alternatively, the price may take support at the $0.040 and $0.0325 levels.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
