The GALA price drops, but weekly performance remains positive
The price of GALA has dropped over 9% in the past 24 hours, currently trading at $0.01843. However, despite this recent loss, GALA’s weekly performance is still up by 20%.
Gala Price Technical Overview
GALA is at risk of falling below the key support level at $0.01815 within the next 24 hours. Although buyers have prevented the altcoin’s price from dropping below this level so far, there is still a possibility of it happening. GALA has also fallen below a strong positive trend line on its daily chart, adding to the bearish outlook.
If sellers succeed in pushing GALA’s value below $0.01815 in the next 48 hours, the cryptocurrency may test the subsequent support level at $0.01585.
However, if GALA manages to close today’s trading session above the trend line on its daily chart, it could be seen as a bullish development. Reclaiming a position above this trend line might lead to GALA attempting to break through the resistance level at $0.02090 and potentially reaching $0.02355 in the following days.
Technical indicators on GALA’s daily chart suggest a bearish scenario may be more likely in the next two days. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) both indicate a potential drop in price.
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