GALA Technical Analysis: You Just Can Afford To Miss This Dip!

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GALA technical analysis

The GALA coin price retests the crucial support zone at $0.20 within a month. Should you consider grabbing this huge discount? With the increasing chances of a bearish crossover of the crucial 100 and 50-day EMA, the GALA coin price breaks below the $0.25 mark to retest the $0.20 mark. Will the downfall continue below the support zone, or this is the point of reversal? Key technical points: GALA coin price approaches $0.20. The 50 and 100-day EMA are on the verge of giving a bearish crossover. The 24-hour trading volume in the Gala Games token is $1.77 Billion, indicating a 30% fall. Past Performance of GALA Under the influence of a long-coming resistance trendline, the bulls failed to surpass the $0.35 mark. The failure led to the downfall of the $0.30 support zone within days. And, as we mentioned in our previous article, the GALA coin price breaks the support zone to test the $0.20 mark. The 50 and 100-day EMAs failed to halt the rejection from the resistance trendline, resulting in the downfall continuation. Source-Tradingview GALA Technical Analysis The recent fall comes with intensified selling pressure projecting the possibility of a bearish breakout of $0.20. However, the support zone ranges from $0.20-$0.18, which can trap the downfall into a consolidation move before a breakout-led reversal. The crucial 50, and 100-day EMAs showcase a falling trend that may shortly give a bearish crossover in the daily GALA/USD chart. The crossover can increase the selling pressure, resulting in $0.20. The RSI Indicator slope continues the downtrend to reach the 38% level into the nearly oversold zone. Following a similar trend, the 14-day SMA takes a sudden reversal below the central line. The MACD indicator showcases the MACD and signal lines breaking below the zero value, with the negative histograms gaining momentum. Hence, the indicator reflects the possibility of a bearish continuation. In a nutshell, the GALA technical analysis projects the possibility of a downtrend below the support zone. Upcoming Trend The GALA coin price retests the discounted price we mentioned in our previous analysis; however, buyers can wait till the price creates a bottom. A reversal from the support will mark the opportunity to grab the discount. Until then, traders can find selling opportunities. Support Levels: $0.18 and $0.15 Resistance Levels: $0.25 and $0.30

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Time Stamp: February 24, 2022