The price of Gala Games (GALA) trades slightly lower over the weekend. GALA price action has been noticeably bearish since Feb. 9. As bulls lose patience, it seems more likely that GALA price will have to fall back to $0.20 first.
The price of Gala Games continues to fall for the fourth day in a row on Saturday. GALA broke below the pivotal level further highlighting downside risk to the pair. The upside is limited to $0.40 on the daily chart.
At press time, GALA/USD is trading at $0.28, down 2% for the day. The coin’s 24-hour trading volume stands at $830,945,406 with 35% losses.
GALA is trading near a pivotal level – a make or break move
On the daily chart, GALA is down nearly 82% from its all-time high of $0.84 on November 27. After consolidation at the end of January, the price rose by almost 20%.
Source: Trade View
But the advantage remains limited near the USD 0.39 swing high as bulls are not convinced to break above the level. Currently, the price is trading below the 20-day Simple Moving Average (SMA) of $0.28 near the rising trendline from the lows of $0.20 on Feb. 4.
As global sentiment deteriorated over the weekend amid geopolitical concerns, it looks like GALA will lose another 28% of its current value and fall back to its lowest level last seen in November on $0.11.
Alternatively, a shift in bullish sentiment could retreat to the February 9 high at USD 0.39 followed by the 0.50 horizontal resistance line.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) stands at 45 with a bearish bias.
MACD: The moving average convergence divergence (MACD) is holding above the midline. Any downward trend in the indicator could bolster the downward outlook for the pair.
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The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
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This post Gala Games (GALA) Price Prediction: GALA keeps an eye on the next step!
was published first on https://coingape.com/markets/gala-games-gala-price-prediction-gala-keeps-eyes-on-0-20-next/
