The GALA Price Breakdown and Potential Drop
The GALA price has recently broken down from a short-term horizontal support level and is now approaching its all-time low region. Both the daily and six-hour timeframes indicate a bearish trend, suggesting that the drop is likely to continue. The price has been falling below a descending resistance line since the beginning of the year, similar to Bitcoin and the rest of the crypto market.
Key Points:
- GALA price has fallen under a descending resistance line, causing a rejection on August 6.
- If the decrease continues, the all-time low region at $0.0155 is expected to provide support.
- GALA can potentially increase by 45% if a breakout occurs, with the $0.0320 area providing resistance.
- The daily RSI is bearish, indicating a high likelihood of a continuing decrease in price.
- The breakdown from the $0.0225 horizontal area on the six-hour chart supports the bearish prediction.
Despite the bearish outlook, if GALA is able to reclaim the $0.0225 horizontal area, it could signal a short-term bullish trend. This would potentially lead to a breakout from the descending resistance line and a 45% increase to the next resistance at $0.0320.
Hot Take: The GALA price has faced significant resistance and is currently in a bearish trend. However, if it manages to break out, there is potential for a significant increase in price. Traders should closely monitor the support and resistance levels to make informed decisions.
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