Gala (GALA) bulls have struggled to gain market control over the last 24 hours but are yet to be successful since they have been unable to break over the $0.04209 resistance level. Due to this hesitancy, the bears recently grabbed control of GALA, causing the price to fall by 2.04% to $0.04016 as of press time.
Since bulls haven’t shown any indications of recovering momentum, bears will likely keep GALA under their thumb for the foreseeable future. Due to this anticipation, investors fled the market, bringing the market capitalization and 24-hour trading volume down by 2.04% and 2.03%, to $280,283,798 and $110,457,751, respectively. This decline indicates that bears still have the upper hand in the market and that bulls’ chances of making a comeback are low in the eyes of traders.
GALA/USD 24-hour price chart (source: CoinMarketCap)
The Keltner Channel bands are moving south, with the upper band at 0.04324952 and the lower band at 0.03834477, indicating that the GALA bearish momentum is strong and likely to continue soon.
This move represents traders’ belief that the price of GALA will continue to fall in the near term, but this might be an excellent chance for short-term traders to profit.
GALA’s Relative Strength Index (RSI) value of 43.76 and recent plunge below its signal line indicate that GALA is now in a bearish market, making it a potentially profitable buy for investors wanting to capitalize on current market conditions.
This drop indicates that selling pressure outweighs purchasing demand, suggesting that GALA’s value will fall further. Consequently, investors should examine whether the potential return of investing in GALA surpasses the risk of future value decline.
GALA/USD chart by TradingView
The negative momentum is weakening in the GALA price chart as the Aroon up reads 71.43% and the Aroon down reads 42.86%, indicating a likely positive reversal. This reading might cause the GALA price to rise if buyers become more active and take advantage of the present scenario.
Consequently, traders should watch GALA and prepare to profit from any increases. This move might be advantageous for investors wishing to invest in GALA since it may allow them to buy at a lower price and benefit from a future price gain.
A Chaikin Money Flow (CMF) rating of 0.03 reflects that GALA undervaluation, which might be an excellent entry opportunity for new investors. Also, increasing the CMF reading might indicate that GALA is getting more appealing, and its price may climb.
GALA/USD chart TradingView
GALA’s bearish momentum may continue, but potential positive reversals indicate a chance for short-term profit and a buying opportunity for long-term investors.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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Source: Cryptocurrency - investing.com
