- GALA price has dropped over 18% since last weekend.
- GALA bulls are finally starting to buy into the price action after a string of selling sessions.
- Price action will need to slide another 10% before bulls can undertake a 35% rally.
GALA (GALA) price should experience some volatile sessions this week after bears were able to book six red candles in a row. From top to bottom, GALA price is down over 18% since its rejection from the topside on Saturday. Expect to first see another slide lower with a 35% upside gain for bulls to cash in on.
GALA bulls need to do their homework on where to enter
GALA price is set to honor its background as it is linked to the Gala Games ecosystem. Bulls will have a field day in order to snipe any entry offered to them in the coming days as volatility is set to pick up more sharply. The decline should lose steam as the Relative Strength Index (RSI) is near bottoming out, although some more declines are needed first for a correct bounce higher.
GALA will have bulls being focused on that 200-day Simple Moving Average (SMA) that worked perfectly earlier this month. By then the RSI will have hit rock bottom and will be primed for a bounce higher. Once bulls can seize control of this bounce, only the 55-day SMA at $0.046 stands in their way of hitting $0.05 by the end of this week, bearing a 35% gain.
GALA/USD 4H-chart
That same 200-day SMA looks already pretty chopped up from the beginning of March. In case bulls are unable to defend it, another drop lower would mean a near 13% decline once again in the books. In that scenario, the green ascending trend line would underpin the price action as it did at the beginning of March.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Vitalik Buterin says Ethereum has gotten stronger, Bitcoin rallies past $61,000, XRP lags
Bitcoin made a comeback above $60,000, a key psychological level for BTC. BTC trades at $61,320, rallying early on Thursday. The asset climbed nearly 0.30% on the day. Data from Farside Investors shows Bitcoin ETFs have seen inflows of $236.6 million in the last five days and their net inflow since launch amounts to $17.6 billion.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin price trades between $57,000 to $62,000 levels
Bitcoin (BTC) and Ethereum (ETH) prices are expected to drop after struggling to break through critical resistance levels, and momentum indicators show bearish biases. In contrast, Ripple (XRP) is showing stability near its daily support level of $0.544, suggesting a possible rebound.
Bitcoin price holds above $60,000 despite negative on-chain metrics
Bitcoin (BTC) trades above $61,000 on Thursday, holding up on gains driven by the release of the Fed Minutes on Wednesday, which hinted at an interest-rate cut in September. US spot Bitcoin ETFs saw a modest inflow on Wednesday, while on-chain data doesn’t seem to support further price gains as Bitcoin OTC desk balances for miners surge and the long-to-short ratio stays below one.
Avalanche price set for surge as Franklin Templeton extends its L1 blockchain footprint to Avalanche
Avalanche (AVAX) trades inside a falling wedge pattern on Thursday, and a breakout would signal a bullish trend. As of Thursday, AVAX had gained 4%. The recent launch of investment firm Franklin Templeton’s and Agora's fully-collateralized US digital dollar, AUSD, on the Avalanche network suggests that the AVAX price will rally in the coming days.
Bitcoin: Signs of weakness persist
Bitcoin (BTC) trades above $58,000 on Friday after after testing and failing to overcome the resistance level around $62,000 earlier in the week. The risk-on mood returned to markets this week, Marathon Digital added 4,141 BTC worth $249 million to its holdings and the US SEC approved a MicroStrategy leveraged ETF, potentially giving investors more exposure to Bitcoin.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.