Gala Price Prediction: Can GALA Hit the Price Target of $0.050?

• Gala price prediction highlights that the overall trend for GALA is bearish
• GALA price made a recovery of 35% from its recent swing low.
• Gala Token showed a Year-to-date growth of 48.80%

Gala’s (GALA) price prediction unwinds the bearish sentiments of the market as the price started falling in February 2023. GALA token had a great start to the year 2023 with a bullish rally of 300% to the price of $0.06248. It was followed by weakness where the bears took control and dragged the price down by 70% before a recent recovery. The Bulls stepped in and recovered the price by 35.24% from its swing low to its current market price.

At the time of writing, the current market price of GALA crypto is $0.02474. The 24-hour trading volume jumped by 11.63%. The market is down by 0.54% in the last 24 hours. The overall market cap of GALA tokens is $534,207,753.

Can Gala Reach the Price Target of the Downward Channel?

Source: GALA/USDT 1D Chart by TradingView 

Gala’s (GALA) price prediction reveals that the price kept falling in a downward channel. The market witnessed panic selling right after it broke the support of $0.030, and the GALA coin plummeted 35% down to the support zone of $0.0180. Since then, the bulls have participated in a quick bounce of 35% and managed to break the downward channel.

The breakout hasn’t been convincing as it lacked strong volume support. The GALA crypto price wasn’t able to break the local resistance of $0.02759. The price is consolidating in a triangle pattern. The overall trend remains bearish as the price is 30% below its 200 EMA.

Can GALA Break the Symmetrical Triangle

Source: GALA/USDT by TradingView 

Analyzing the 4-hour chart reveals a clear picture of the consolidation that came after the price broke the channel. The 200 EMA is responsible for pushing the price down as the GALA token trades below it. The market has made a series of higher highs in the past few days and has formed a symmetrical triangle pattern.

This triangle pattern may be considered a bull flag if the Buyers manage to break it to the upside. A breakout will contribute to the confirmation of the downward channel breakout, and the GALA token may have a better chance of reaching the price target of $0.05009. It is important to consider the bearish scenario as well since the overall trend remains bearish. 

RSI: The RSI indicator is currently at 54.90. The RSI has made a bullish crossover with the MA, the price may consolidate but a sharp ascent may happen if the RSI goes above 60.

MACD: MACD made a bullish crossover. The MACD and the signal line are about to cross the 0 line. This indicates that the buying momentum may increase in the short term.

.200 EMA: On the 4-hour chart, the price is trading below the 200 EMA. This is a bearish sign indicating that the sellers are in control. The 200 EMA acts as a dynamic resistance and the prices may continue to slide down until the price breaks above the indicator

Conclusion:

Gala’s (GALA) price prediction unwinds the bearish sentiments of the market as the price started falling in February 2023. The recent bullish recovery has revived the hopes of investors but the bulls need to put more effort to change the overall trend. GALA coin is about to break a triangle pattern and it is recommended to handle the volatility with a good risk management strategy.

Technical Levels

• The nearest support level: $0.02069
• The nearest resistance level: $0.02795

Disclaimer:

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