The price of Gala Games (GALA) is a little lower on the weekend. Since February 9, GALA’s price has been going down a lot. GALA looks more and more likely to drop back down to around $0.20 before it can move up again.
- Gala Games price continues to fall for the fourth straight day on Saturday.
- GALA broke below the crucial level highlighting further downside risk for the pair.
- The upside is capped near $0.40 on the daily chart.
GALA/USD is at $0.28 right now, down 2% for the day. The 24-hour trading volume of the coin is $830,945,406 with a loss of 35%.
A “make or break” move is coming up for GALA.
This graph shows that GALA has dropped almost 82% from its all-time high of $0.84 on November 27. After resting in late January, the price rose almost 20%.
But the upside is limited by the swing highs of $0.39 because bulls don’t have the courage to go above the level. The price is now below the 20-day Simple Moving Average (SMA) at $0.28, but it’s close to the rising trend line from the lows of $0.20 made on February 4.
“As the global sentiment worsen over the weekend owing to the geopolitical concerns, it looks to be that GALA is set to shed another 28% from the current value and dip back to the low last seen in November at $0.11.”
Alternatively, a shift in the bullish sentiment could pull back to the highs of February 9 at $0.39 followed by the 0.50 horizontal resistance line.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) reads at 45 with a bearish bias.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline. Any downtick in the indicator could strengthen the downside outlook for the pair.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
