Cryptoknowmics
2022-02-09 14:30:01

GALA Technical Analysis: Rejection Brings Buy The Dip Opportunity

The GALA coin price struggles to overcome the selling pressure at $0.40 and declines 4%. Will the uptrend survive this correction? GALA is an Ethereum-based ERC 20 that powers Gala Games, a decentralized gaming platform. The token is used as a currency between gamers on the Gala ecosystem. For example, it can be used to pay for in-game items. Gala Games confirms it will invest $5 billion to advance its NFT goals in the upcoming year. The NFTs will be split between music, gaming movies, and theme parks-based products. Around $16.73 billion worth of GALA, the native currency of the platform has been diluted by the company, which accounts for around 15% of the tokens that is currently in circulation Let us move ahead to read about Gala technical analysis. Past Performance of GALA The GALA coin price shows a growth of more than 100% in the past week as it breaks above multiple sellers’ point. The rally breaks above a consolidation range, the $0.30 horizontal level, and a long-coming resistance trendline within a week. As mentioned in our previous article, the overnight increase in buying pressure results in a trend reversal. However, the rally struggles to crush the selling pressure at the $0.40 resistance zone. GALA/USD Daily Chart GALA Technical Analysis The GALA coin price shows a bearish candle formation near the $0.40 resistance zone as the rally struggles to sustain the momentum. Therefore, a reversal to retest the trendline...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer