GALA Crypto: Will GALA Price Rebound From Current Levels?
- 1 GALA Crypto price is trading below the key moving averages showcasing bearishness on the daily charts.
- 2 GALA price is trying to break the 50-day EMA level.
The price action of the GALA crypto showed that selling pressure was noted on the charts and was in a downtrend, forming lower lows over the past few months. Moreover, due to declining investor interest, trading volume was below average.
The GALA showed a decline in user activity which also reacted as a negative sentiment for the crypto and led to bearishness in the charts.
The ongoing trend favors bears, and the crypto was also in a corrective phase, which made buyers cautious. Moreover, the GALA trades below the significant moving averages and tries to attain the 50-day EMA.
At the time of writing, the GALA price is trading at $0.01407182 with an intraday loss of 2.34%, showing a bounce from the lower trendline near the support mark of $0.01261130. Moreover, the intraday trading volume is $52.296 Million and the market cap is $352.663 Million.
Crypto has had a poor performance over the years. Year-to-date, it gave negative returns of 15.68% and 64.48% in the span of 6 months. In the last 1 month, it gave a positive return of 3.67% and 3.34% in the last seven days, indicating a long Bearish trend persisting till now.
Technical Analysis of GALA Crypto Price in 1-D Timeframe
At the time of publishing, GALA crypto (USD: GALA) is trading above the 50 and 200-day SMAs (simple moving averages), which do not support the price trend.
The current value of RSI is 51.15 points. The 14 SMA is above the median line at 43.18 points, indicating that the GALA crypto is bearish.
The MACD line at -0.00026293 and the signal line at -0.00038784 are below the zero line. A bullish crossover is observed in the MACD indicator which signals strength for the GALA crypto price.
4 Hour time frame Technical Evaluation
On the 4-hour charts, the GALA price is turning bullish breaking above 50 and 100-day EMA. Moreover, a key indicator is signal bullishness.
The RSI curve is near 61, in the overbought range, and showed a bullish move on the short-term charts. The MACD indicator still showed green bars on the histogram with a bullish crossover but did signal a substantial upswing.
Summary
GALA crypto technical oscillators support the bearish trend. The MACD, RSI, and EMA emphasize negative signs and imply that the downtrend may continue in the GALA crypto price. GALA price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
Support Levels: $0.01138482 and $0.01017060
Resistance Levels: $0.01787976 and $0.02399124
Disclaimer
This article is for informational purposes only and does not provide any 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 own research before making any financial decisions