- The GALA token downturn that began last week has continued as the price has dropped up to $0.03936.
- The price is now at $0.03936, and further devaluation is to follow if the selling activity experiences a further rise.
- The short-term support for GALA/USD pair is placed at $0.03823.
Gala token is indicating a decline in price today. The bears have won the leading position as the selling pressure has formed again and the price is decreasing again. The value of cryptocurrencies is currently declining as the price function is moving downward; it is now settling at a $0.03936 low and has lost more than 11.01% in the last 24 hours.
In the 1-day chart, Gala price analysis reveals lower highs and lower lows, which is a sign of bearish momentum. It’s currently trading in a descending triangle pattern where the resistance level has been established at $0.04491 and the support level has been set at $0.03823. A break below the support level of $0.03823 signaled the start of the downtrend, and if GALA is unable to maintain the short-term trend, additional bearish pressure will likely be applied over the next several days.
The daily technical indicators are all bearish, which suggests that GALA is likely to continue its downward trend. The relative strength index (RSI) is currently sitting at 50.41, which indicates that the market is neither overbought nor oversold, and the MACD is in the bearish zone, suggesting that selling pressure is still present; moving on toward the moving average (MA) value, which is $0.02846.
The 4-hour price chart for GALA is also showing bearish momentum, as the token is trading below its moving average (MA) value of $0.087862. Over the last seven days, when the bearish pressure was at its strongest, the cryptocurrency pair’s value has decreased by more than 23 percent. The market capitalization for GALA/USD currently stands at $274 million, while the trading volume totals $625 million.
Overall, given the current market conditions and technical analysis, it seems likely that GALA will continue its downward trend in the near future. Therefore, traders should be aware of the risks associated with trading GALA tokens and take appropriate measures to manage their exposure. The investors are confused about whether they should hold their coins or sell them at a lower price. The market sentiment is bearish, and the chances of a recovery in the short term are minimal. Investors should take into account the risks associated with trading GALA tokens and make informed decisions regarding their investments.
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