GALA Technical Analysis – February 2022
After hitting an all-time high of $0.83 in November of 2021, Gala has been in a downtrend. The price initially declined by around 57%, and it entered a correction phase after that. The price increased by more than 70%, but it faced resistance at $0.62.
After that, GALA dipped numerous times, while still attempting to rebound on multiple occasions. Ever since it reached its all-time high, the price has declined by around 80%, suggesting that GALA is in a downtrend and that the price could keep declining.
Recently, GALA has found support at around $0.15, and it is currently in another correction phase. The price has increased by around 50%, but it stopped at $0.23. The price is currently trading slightly above $0.20, as it attempts to maintain a bullish momentum in the short run. Nevertheless, GALA is bearish when looking at its overall performance throughout January.
It is worth noting that the recent price movement has created a short-term bullish trendline, forming a triangle pattern in a way. This suggests a potential breakout in the short run for GALA in the 4-hour chart.
Key Structures
Support
- $0.18
Resistance
- $0.22
Indicators
Moving Average
Both the 20-MA and the 50-MA of a 4-hour chart are currently below the price of GALA. This indicates that GALA could now be aiming for a trend reversal as the price may keep increasing in the coming weeks.
The 9-EMA of a 4-hour chart is also below the price of GALA. This indicates that GALA could be bullish in the shorter run as well, as the price is aiming to retest resistance at $0.22 in the coming days.
Relative Strength Index
The RSI of a 4-hour chart was recently below 30, so the recent correction was anticipated because GALA became oversold. The RSI has noticeably recovered and is currently above 50, suggesting bullish tendencies for GAlA. TheRSI also shows plenty of room for growth for GALA.
MACD
The MACD line of a 4-hour chart is slightly below the signal line and above the baseline, meaning that GALA has bullish momentum. Nonetheless, the lines are now converging, and we could soon see a shift in momentum as GALA may retrace in the coming days.
Fibonacci
The Fibonacci retracement levels of a 4-hour chart suggest that the price of GALA recovered close to the 38.2% level, where it failed to break resistance. While the price is currently consolidating, this could also mean that GALA could go further down in the coming days.
Price Prediction GALA – February 2022
Based on this technical analysis on Gala (GALA), the coming days could prove to be crucial. If Gala manages to break our projected resistance then Gala may as well reverse the longer-term trend and continue its journey upward. However, if the price fails to do so, then we might see GALA go further down in the short run and go slightly below $0.10, other things equal.
Latest News for GALA – Affecting Price
In terms of fundamentals, Gala is continuously working on becoming the best gaming ecosystem that uses blockchain technology. In 2022 alone, they aim to become leaders in the gaming industry for AAA games. Some of the games that they plan to launch in 2022 are The Last Expedition, The Walking Dead: Empires, Echoes of Empire.
They also aim to utilize some of the games that were announced months ago, including Mirandus, TownStar, Spider Tanks, Fortified, etc.
Despite all these games coming out, GALA has recently announced more updates regarding its gaming ecosystem, with an additional four games set to be publicly elaborated in the coming months.
Which upcoming addition to the Gala Games ecosystem are you most excited about? 👀 #GalaGames #playtoearn #blockchaingames #gaming
— Gala Games (@GoGalaGames) February 1, 2022
GALA is not only a gaming network but also quite a successful NFT marketplace. Users can buy in-game collectibles and items and sell them at a much higher price. Some of Gala NFTs trader for hundreds of thousands USD.