GALA Price to Revive from the 75% Pullback?
thecoinrepublic.com 28 August 2024 10:13, UTC GALA’s market capitalization declined by 2.40% in the past day, which was $692 Million. The crypto ranked 86th on CoinMarketCap in terms of market cap, while GALA price continued to struggle.
The trading volume of GALA (GALA) was $78.284 Million in the last 24 hours. The surge reflected a 14% increase from the last intraday session.
Per the GALA/USD on BITFINEX, its ATH was marked at $0.3000, which was registered on March 17th, 2022. At press time, the token was 92.69% lower than the ATH.
Similarly, the ATL price of GALA was reported at $0.0125 on Oct 20th, 2023. The current price was only 62% higher than its ATL. Additionally, the volume-to-market cap ratio stands at 11.23%; this displays that liquidity has increased in the GALA token.
Is GALA Fundamentally Sound?
The GALA Is fundamentally strong and has a robust security of 84.67. The Certik Skynet has shared its security ranking of 334th, with an A-tier security in GALA.
Per the Certik Skynet’s data, the GALA has 223,256 token holder addresses in total, with a modest whale movement in the asset. The community score is 93.43 by 100, highlighting the strong community presence in GALA.
While the X activity was high with 4 years oldest account. So far, it has posted 6495 tweets on X, with recent 24-hours addition of 3 tweets, per Certik’s data.
GALA Price Activity
GALA’s price performance was strong until early March 2024, when it peaked at $0.086279. However, it struggled to maintain these gains, with the bullish trend failing and the price forming lower lows amid a declining trendline.
The efforts to sustain gains were evident as GALA formed a support level at $0.0384 following a liquidity grab on April 13, 2024. For nearly two months, the price consolidated within a Darvas box range in an attempt to surge.
Unfortunately, on June 7th, 2024, the support was lost following a significant sell-off from the upper boundary of a wedge formation, and the coincided 50-day and 200-day EMA bands.
The breakdown of the Darvas box indicated a loss of critical support for the bulls. This resulted in a sharp decline of over 75% from the ATH of 2024, as the price fell within a narrowing wedge.
Currently, GALA is forming a dynamic falling wedge. A key level to watch is $0.02686, which could be pivotal for a potential rebound and Change of Character (CHoCH).
Despite these challenges, the GALA chart displayed a liquidity grab on August 5, 2024, at a dual support zone, aligning with the historical demand zone and the lower border of the dynamic wedge.
Indicators for GALA Price
Nevertheless, the 50-day EMA poses significant obstacles that could impede further gains, potentially leading to increased downward pressure. The MACD remains in bearish territory with a slight bullish cross but shows. The MACD line is at 0.000130, and the histogram is at 0.000665.
The RSI stands at 54.84, above the median of 50, but shows recovery from oversold conditions, hinting at possible opportunities for a rebound. Key support levels for GALA are currently at $0.012533 and $0.016055, while resistance levels are at $0.026864 and $0.038141.
