- Gala price analysis is bullish for today as the price is up by 6%.
- GALA/USDT has found a support at $0.12.
- Major support is present at $0.102 while another at $0.044.
- The resistance is present at $0.125 which might be broken if bulls keep up.
Gala price analysis is bullish for today as the price of the coin is up by 6%. In case this trend continues, we can see higher prices too. According to the data by Coinmarketcap, the trading volume of the cryptocurrency has surged by a whopping 15.15% and stands at $500,835,558.59. This means that investors are attracted to the cryptocurrency as the market capitalization of the coin has surged by around 12.55%.
Although, it is also possible for the cryptocurrency to drop down to support levels if the bulls are unable to match the selling orders. The nearest support for the GALA/USDT pair is present at $0.12. The current price of the cryptocurrency is just above this line of support and if this support breaks, we might see the price drop to lower levels.
The lower support levels for the cryptocurrency trading pair are present at $0.044 and $0.10. If the price action drops to these levels, we can expect a bullish reversal. Considering the movement of Bitcoin today, the BTC/USDT trading pair is at $47.8 support and if this doesn’t hold, we might see Bitcoin drop to $47.6K support levels.
Gala price analysis: Technical indicators turning bearish
Diving deeper into our Gala price analysis, we will use the studies from the technical indicators present on the 4-hour charts below. The readings of these technical indicators provide a clear picture of the future price movement.
GALA/USDT started trading on Binance on 13th September and hence, we don’t the historical data for the cryptocurrency. But, in the short term, we can use the readings from the RSI levels and the positioning of the MACD line. The RSI indicator reads a value of 61 which indicates a bullish momentum overall but the gradient is negative. This negative gradient suggests that the price action is slowly turning bearish as the number of sell orders increases.
When looking at the reading from the MACD indicator, the histogram is currently red. This red histogram suggests that the GALA/USDT pair is currently seeing a bearish scenario. If the RSI falls further and the support breaks, we might see more red bars get added too. The MACD or the blue line is below the signal or the orange line, also indicating a bearish scenario.
The Gala price analysis for today also involves the position of the price movement in the Bollinger Bands. The Bollinger Bands have expanded as clearly seen in the 4-hour chart below. This usually indicates that the price will remain volatile in the short term. For now, the price movement is situated in the upper end of the Bollinger Bands. But, if the readings from other indicators are collected, bears will bring the price action down to the lower end of the Bollinger Bands.
Gala price analysis: Conclusion
The conclusion of our Gala price analysis is certainly bearish in the long term as the price has blown up a lot. This might be a cool-off period for the GALA/USDT trading pair. But, it is also important to consider the movement of Bitcoin for today for almost every cryptocurrency follows the movement of Bitcoin.
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