Here’s Why It May Rise 30% In Coming Weeks? – Crypto News – Crypto News
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Here’s Why It May Rise 30% In Coming Weeks? – Crypto News

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3 years ago

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Published 11 minutes ago

Gala Games Crypto Price Prediction: The GALA coin price falling under the influence of two converging trendlines showcased the formation of a wedge pattern in the daily time frame chart. Although this pattern is currently carrying a downtrend, in theory, it is marked as a bullish continuation pattern. Here’s how this pattern may influence the near future price of GALA coin.

Key Points:

  • The lower price rejection candle at 0.024 projects a higher chance for a bullish reversal.
  • The rising RSI indicator slope indicates the market sentiment is gradually leaning on the buying side.
  • The intraday trading volume in the GALA is $42.5 Million indicating a 6.2% loss.

Gala Games Crypto Price PredictionSource-Tradingview

Narrowing price action within the wedge pattern indicates that the sellers failed to carry deeper corrections, reflecting a loss of bearish momentum. Furthermore, this pattern will signal a sign of recovery when the GALA price breaks the pattern’s resistance trendline.

However, amidst the ongoing uncertainty in the crypto markethe GALA coin price is trapped within a narrow range. Thus It has been nearly a month since the altcoin resonated between $0.28 and $0.24 horizontal levels.

By the price time, the GALA price trades at $0.245 and shows signs of reversal from the $0.24 support. This potential bullish reversal should drive the price 15% higher to hit the range resistance of $0.282.

Furthermore, if the market sentiment favors buyers, an upside breakout from $0.28 will intensify the buying pressure and may prolong the price rally by another 15% to reach the combined resistance of the downsloping trendline and $0.323.

Conversely, a daily candle below the $0.24 support will extend the prevailing downtrend to the support trendline.

technical indicators

EMAs: The downsloping EMAs (20, 50, 100, and 200) reflect an established downtrend in GALA price. Furthermore, if the prices tried to rise higher, each of these EMAs stands as significant resistance and undermines bullish growth.

Relative Strength Index: the rsi slope is rising despite a sideways price action, accentuating the buying pressure is growth within a range. This so-called bullish divergence indicates a higher possibility for 30% growth in GALA.

GALA intraday price levels

  • Spot price: $0.024
  • Trend: Bearish
  • Volatility: Medium
  • Resistance level- $0.281 and $0.32
  • Support level- $0.24 and 0.2

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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