Gala (GALA) Price Prediction – When will Gala hit $0.50?
Gala (GALA) price is trading 95.14% down from the all-time high, but still, it is trading with a decent ROI of 2696.76% since the beginning.
Gala games came into the world to provide a different direction in the gaming industry by offering blockchain games. This project can change the fact that players can implement creative thinking into the game, and their activity will happen through blockchain technology.
In this game, players can purchase, exchange, and use non-fungible tokens (NFTs) by influencing the Gala ecosystem. The voting mechanism of the network influences what developers should do and how games should get funding.
Since its formation, this particular network has grabbed 1.3 million monthly active players. Moreover, it sold more than 26,000 NFTs where the most expensive one was valued at $3 million.
Let’s see the Gala price today Forecast today from the Gala Price Prediction today:
Gala (GALA) Awaits Bearish Channel Extension
GALA/USD failed to show a positive price action since the beginning of 2022. After a bull run in 2021 with a massive 4000% gain, this token is trading sideways, where further bearish pressure and the test of 0.0200 level would eliminate all early gains.
The current daily chart on gala coin price prediction shows significant sellers' attempts in the market from the 0.0728 resistance level that came with a bullish liquidity grab, which will be the major barrier for sellers. However, on the downside, bulls failed to show any significant buying pressure from a swing low. As a result, the primary trading idea of this pair is to extend the selling pressure until there is a bullish V-shape recovery.
The latest high volume level for September is above the current price, while the last ten days' price action is extremely corrective below it. The dynamic 20 DMA is also above the price and provides a minor resistance, while the Trades dynamic Index is corrective below the 50% area.
Gala (GALA) Price Prediction should be bearish if a daily candle closes below the 0.0384 level, which could extend the loss towards the 0.0200 area. On the other hand, the current price is forming a descending channel where a bullish channel breakout and a daily close above the 20 DMA would be the primary sign of buying pressure towards the 0.0728 level.
GALA/USD Ichimoku Cloud Analysis
The Divergence between the price and MACD line is a sign that the selling pressure below the Kumo Cloud is losing momentum, and bulls have a higher possibility of extending the price.
On the gala token price prediction, the price remained below the Cloud for more than 15 trading days, while the recent price action has become corrective. The Senkou Span A and B became close together in the Future cloud while the Lagging Span is within the price.
Based on the Gala Price Prediction, bulls should take the price up above the 0.0441 key resistance level to eliminate the bearish possibility and aim toward the 0.0538 resistance level.
On the other hand, sellers' momentum is still active in the market as the current price is below the Kumo Cloud. Further bearish pressure and an H4 close below the 0.0384 level would increase the bearish possibility towards the 0.0200 area.
GALA/USD Intraday Price Action Analysis
According to the Visible range high volume indicator, the most active level in September was at 0.0420 level, which is above the current price. However, the bearish pressure below this level has faded with extreme correction and channel formation. Therefore, a bullish recovery and an H4 close above the high volume level could eliminate the bearish possibility for this pair.
The Relative Strength Index recovered from the overbought 30% level and moved above the 50% area, indicating a buyer's momentum in the market. Moreover, the dynamic 20 EMA and weekly VWAP are closer together, which signifies corrective price action.
The latest intraday high volume level also moved below the price, indicating day traders’ interest in this instrument.
Based on the GALA Price Forecast, the primary trading idea of this pair is to find the price above the 0.0420 level, which will extend the bullish momentum towards the 0.0492 resistance level. On the other hand, breaking below the 0.0384 level with a bearish H4 candle could eliminate the bullish possibility and lower the price toward the 0.0200 area.
Is Gala (GALA) A Buy?
According to the Gala / USD Forecast, the broader market direction is still bearish for this pair, whereas the bearish channel extension could offer a high probable short opportunity. However, the minor bullish recovery with an H4 breakout would relieve some losses by reaching the 0.0538 level.
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