NewsletterGala Games Crypto Price Prediction: Here’s Why It May Rise 30% In Coming Weeks?
Gala Games Crypto Price Prediction: The GALA coin price falling under the influence of two converging trendlines showcased the formation of a wedge pattern in the daily time frame chart. Though this pattern is currently carrying a downtrend, in theory, it is marked as a bullish continuation pattern. Here’s how this pattern may influence the near future price of GALA coin.
Key points:
- The lower price rejection candles at 0.024 project a higher chance for a bull trap in crypto reversal.
- The rising RSI indicator slope indicates the market sentiment is gradually leaning on buying side.
- The intraday trading volume in the GALA is $42.5 Million indicating a 6.2% loss.
Source-Tradingview
Narrowing price action within the wedge pattern indicates that the seller failed to carry deeper corrections, reflecting a loss of bearish momentum. Moreover, this pattern will signal a sign of recovery when the GALA price breaks the pattern’s resistance trendline.
However, amid the ongoing uncertainty in the crypto market, the GALA coin price is trapped within a narrow range. Thus It has been nearly a month since the altcoin resonated between $0.28 and $0.24 horizontal levels.
By the price time, the GALA price trades at $0.245 and shows signs of reversal from the $0.24 support. This potential bullish reversal should drive the price 15% higher to hit the range resistance of $0.282.
Moreover, if the market sentiment favors buyers, an upside breakout from $0.28 will intensify the buying pressure and may prolong the price rally by another 15% to reach the combined resistance of the downsloping trendline and $0.323.
Conversely, a daily candle below the $0.24 support will prolong the prevailing downtrend to the support trendline.
Technical Indicator
EMAs: the downsloping EMAs(20, 50, 100, and 200) reflect an established downtrend in GALA price. Moreover, if the prices tried to rise higher, each of these EMAs stands as significant resistance and undermines bullish growth.
Relative Strength Index: the RSI slope is rising despite a sideways price action, accentuating the buying pressure is growth within a range. This so-called bullish divergence indicates a higher possibility for 30% growth in GALA.
GALA intraday price levels
- Spot price: $0.024
- Trend: Bearish
- Volatility: Medium
- Resistance level- $0.281 and $0.32
- Support level- $0.24 and 0.2
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