Gala Games (GALA) prize extends the previous session’s losses as the weekend kicks in. GALA is trading in a tight range with the formation of a ‘Doji’ candlestick. This indicates indecision among investors, which can be concluded as a critical point for the next price action.
Gala Games (GALA) falls for the third consecutive session on Friday. A decisive break below the 20-day SMA would pull the price towards $0.24. Investors are aiming for a break above the flag formation to set up bullish bias.
At the time of writing, GALA/USD is trading at $0.29, down close to 2% for the day.
GALA wavers in flag formation
On the daily chart, GALA’s price action is more than 80% devalued from the November highs of $0.84. GALA hit an all-time low at $0.15 on Jan. 22. Investors will find a number of attractive buying opportunities near the stated level.
Source: Trade View
But the price is trading near the 20-day Simple Moving Average (SMA) at $0.22 with a bearish bias. A daily close below this level could cause it to sell off towards the USD 0.25 level, followed by the critical level of USD 0.16.
On the other hand, the ‘flag formation’ is a bullish reversal pattern suggesting that bulls are not in the mood to give up easily. The 30% retracement from the swingtops gives bulls hope to retest the flag formation top trendline at $0.34.
New purchasing power is required to break above the February 9 highs of USD 0.39 which coincide with the start of said pattern. Subsequently, market participants were able to test the USD 0.44 horizontal resistance zone.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) is looking for double support at 49 with a neutral stance.
MACD: The moving average convergence divergence (MACD) is holding above the midline and supporting the underlying bullish flow.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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This post Gala Games (GALA) Price Prediction: Gala Consolidates Within Flag Formation, Break Below 20 SMA Would Test $0.16
was published first on https://coingape.com/markets/101192-2/
