GALA Price Analysis: Will Double Top Pattern Return Gala Games Price To January’s Low?
The recent relief rally in Gala Games (GALA) price retested the breached support of $0.272. The evening star candle at this level indicated the completion of a bearish double top pattern. The follow-up rally could soon challenge $0.214, promoting a further price decline.
Key technical points:
- The GALA chart shows a 22.8% downside risk if sellers pull the price below $0.214 support
- The intraday trading volume in the GALA is $894.6 Million, indicating a 9.69% loss.
Amid the recent sell-off in the crypto market, the GALA/USDT pair formed a double bottom pattern in the daily time frame chart. On February 20th, the sellers gave a decisive breakdown from the $0.272 neckline, indicating a further downside to coin holders.
The altcoin plunged by 22%, hitting a past resistance level of $0.214 mark. On Feb 24th, the coin chart displayed a long-tail rejection candle at this support, indicating intense buying pressure from below. The following rally pumped the altcoin to the $0.272 mark, where the evening star candle rejection suggested the support has flipped to resistance.
The MACD indicators show the fast and signal lines have recently entered the negative territory. However, the faded red bars on the histogram chart indicate a slight weakness in the bearish momentum.
GALA Price Approaching A 20-and-50-DMA Crossover
The GALA price turned down from the $0.272 resistance, registering a 14.6% fall in the past two days. The sellers are steadily pulling the price to the local support of $0.214. If they succeed in slipping the altcoin below this level, the traders can expect a 22.8% fall by resisting the January low at $0.16.
On a contrary note, if buyers revert the altcoin from the $0.214 mark, the coin price would rechallenge the overhead resistance($0.272).
The descending 20-and-50-DMA shows traders are aggressively selling coins. Moreover, a bearish crossover among these DMAs could intensify the selling pressure.
- Resistance level- $0.272, $0.361
- Support level-$0.214, $0.16
Recent Posts
- Price Analysis
Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
Cardano price could go parabolic in the coming weeks as the odds that the Securities…
- Price Analysis
HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
HBAR price has gained fresh traction after climbing above $0.24, reflecting renewed strength in Hedera…
- Price Analysis
Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
The Toshi Coin price surged 57% at the time of press, making it one of…
- Price Analysis
Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
Shiba Inu price has crashed in the past few days, moving from a low of…
- Price Analysis
Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
PEPE price has entered a decisive phase, showing tightening ranges as accumulation signals continue to…
- Price Analysis
XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
The XRP price has gained renewed attention as both technical and institutional factors converge. Recently,…