The price of Gala Games (GALA) did not benefit from the previous day’s gains and slipped back lower. However, the undertow remains bullish as the price manages to stay above the 20-day EMA (exponential moving average). Investors need strong buy conviction to get above $0.40.
Gala trades negatively on Wednesday. The upside has capped near the USD 0.40 resistance level. The momentum oscillators warn of aggressive bids.
At the time of writing, GALA/USD is trading at USD 0.33, down more than 6% with 24-hour trading volume of USD 1,513,232,528.
GALA token, Gala Games Platform’s original coin rose more than 20% the previous day, eclipsing the gains of other major metaverse tokens, as well as Meta’s stock. The coin surpassed other eminent metaverse projects, including Ax Infinity, The Sandbox, and Decentraland.
GALA awaits upward catalyst
On the daily chart, the Gala price is down more than 80% from its $0.84 highs on Nov. 26. In addition, the declining trendline acts as a strong barrier to the Gala bulls.
Source: Trade View
After consolidating around the $0.15 lows in January, the price rose more than 150% near swing highs of $0.39.
A resurgence in buying pressure could break the downward trend towards the psychological level of $0.40. Next, market participants can jump to the $0.50 horizontal resistance line.
On the other hand, if the price breaks below the rising trendline that cuts below the 50-day exponential moving average (EMA), the immediate support is placed at the horizontal support level of $0.20.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) is trading at 55 with a neutral position.
MACD: The moving average convergence (MACD) is holding comfortably above the midline.
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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 Price Prediction: Gala Needs to Break $0.40 to Maintain Upside Bias
was published first on https://coingape.com/markets/gala-price-prediction-gala-needs-to-break-0-40-to-keep-upside-bias/
