GALA Price Analysis: Gala Coin bulls unable to overturn the deficit

•GALA/USD is currently priced at $0.0865 and has decreased by 14.03% over the past day 

•The trading volumes have decreased by 23.54% over the past day 

•The technical indicators suggest a bearish outlook for the near term 

Short Term View: Gala Token continues to languish

The Gala Token price today is $0.086577 USD with a 24-hour trading volume of $804,698,302 USD. Gala Coin is down 14.03% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 1.33 for the altcoin. 

Gala Coin’s price appears to have been accustomed to frequent losses over the last few days as the altcoin remains confined within a descending parallel channel. Gala Token needs to hold support at $0.075; a move that may be the only fence preventing further losses. The resistance for the altcoin resides at the $0.10 price level, which the bulls will need to flip for a trend reversal to occur. The weakness of the market sentiment regarding Gala Coin is depicted by the altcoin transacting below the 20,50 SMA on the four hour chart as despite a few positive signs, the bulls have yet been unable to turn the tide in their favor.

Long Term View for Gala Coin

The Relative Strength Index (RSI) indicator for Gala Token is hovering around 33.28, at a stone’s throw away from the oversold levels. This depicts that the altcoin might be in the midst of a lengthy sell-off period before the bulls jump back in. This could also act as a hurdle to rising momentum as it moves deeper into oversold territory. The MACD Indicator shows that the red histograms have reduced in size slightly as market takes a breather from the intense selling pressure it witnessed a few days ago. MACD and signal lines are still transacting in the negative zone, but the gap between them has decreased. However the momentum is still siding with bears.

Conclusion 

Broader market weakness can be attributed to the Gala Coin price fall as major market movers have displayed choppy price action. The immediate resistance at this level is fairly strong, and there are likely to be bears waiting to push prices back down towards support.

Support: $2.20-$1.60

Resistance: $3-$3.80

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.