NewsletterGALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
The 50 DMA aligned with a descending trendline carries a steep downward rally for the GALA price. The coin holders fell through multiple support levels and reached a low of $0.0487. However, the recent fakeout from the previous support breakdown of $0.075 has increased the buyer’s tension and may potentially kickstart a fresh bull rally.
Key points:
- GALA price tags along the 50 lpDMA offer dynamic resistance
- About 72% price drop since April 1st
- The intraday trading volume in the GALA is $359 Million indicating a 12.98% gain
Source- Tradingview
The GALA price resumed its downfall, witnessing a sharp drop since 28th March. Since the price has closely followed, the 20 DMA acts as a dynamic resistance while piercing through multiple support levels.
Moreover, the GALA price had recently breached the $0.075 support level for a moment before taking support at its current level. Over the past seven weeks, the GALA price tumbled by 72% marking its recent low at $0.0487Z’a
The GALA price presently trades at $0.079, which is a crucial support zone considering the same was used as key support back in Sep ‘21 – Nov ‘21. Therefore, buyers can treat this as an excellent opportunity to kickstart a fresh rally as the same support was the initiator of the steep rally experienced in Nov ‘21.
Under a strong bullish scenario, the buyers have the potential to breach the dynamic resistance, triggering a potential recovery rally.
However, if the price slips below the $0.075 support, the bullish thesis will be invalid.
Technical Indicator
A sideways rally in the daily-RSI slope indicates the buyers are strengthening their grip over the coin concerning the declining price action. This bullish divergence may assist buyers in reclaiming the overhead resistance trendline.
However, the 50 DMA and descending trend confluence mount a troublesome hurdle for GALA buyers. Moreover, a bearish alignment among the downsloping DMAs(20, 50, 100, and 200).
- Resistance level- $0.124, and $0.181
- Support level- $0.075, and $0.047
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
