Gala Games (GALA) Price Prediction: Gala Consolidates Inside Flag Formation, Break Below 20 SMA Would Test $0.16

By Rekha chauhan
February 18, 2022 Updated February 18, 2022
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Gala Games (GALA) price extends the previous session’s losses as the weekend begins. GALA trades in a tight range with the formation of a ‘Doji’ candlestick. This indicates indecision among investors, which can be concluded as a critical point for the next price action.

  • Gala Games (GALA) falls for a third consecutive session on Friday.
  • A decisive break below the 20-day SMA would drag the price toward $0.24.
  • Investors seek breakout above the flag formation to set up bullish bias.

As of writing, GALA/USD is trading at $0.29, down nearly 2% for the day.

GALA wavers inside flag formation

On the daily chart, GALA price action has devalued more than 80% from the November highs of $0.84. GALA has touched an all-time low on January 22 at $0.15. Investors find some attractive buying opportunities near the mentioned level.

Source: Trading View

But the price trades near the 20-day Simple Moving Average (SMA) at $0.22 with a bearish bias. A daily close below this level could trigger the sell-off toward the $0.25 level followed by the critical $0.16 level.

On the flip side, the ‘flag formation’ is a bullish reversal pattern that suggests bulls are not in a mood to give up easily. The 30% retracement from the swing tops gives bulls hopes to retest the upper trend line of the flag formation at $0.34.

Fresh buying vigor is required to cross above February 9 highs of $0.39 that coincides with the beginning of the mentioned pattern. Next, the market participants could test the $0.44 horizontal resistance zone.

Technical Indicators:

RSI: The Daily Relative Strength Index (RSI) seeks double support near 49 with a neutral stance.

MACD: The Moving Average Convergence Divergence (MACD) holds above the midline supporting the underlying bullish current.

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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