GALA Technical Analysis – March 2022
After the highs of 2021, GALA had a bearish run ever since. In December, the price of Gala kept declining at larger scales. The all-time high was hit late in November of that year at $0.84. GALA ended 2021 at a price of around $0.44, which was almost 50% of the former.
That same momentum continued throughout January of 2022; The price of GALA declined by around 66% in the first three weeks of the year. GALA then reached as low as $0.15, where it found support and entered a phase of consolidation for the remaining days of January. In the longer-term trend, this price movement created a triangle pattern. This then led to a bullish breakout in the price, as predicted in our previous price analysis of GALA.
This breakout was huge for GALA as it broke resistance structures of the 4-hour chart due to this increase of more than 120%. GALA faced resistance close to $0.40, which was then followed by corrective waves. The price aimed to rebound after dropping to $0.27, but it was then again stopped at $0.36, creating a lower high. The price had another bearish surge after that, dropping as low as $0.19.
While GALA had another go upward and even retraced to the 61.8% level, it failed to capitalize its momentum, and it is currently in a downward trend in the 4-hour chart. In the last few candlesticks of the 4-hour chart, we can see bullish tendencies in the price. Since the triangle pattern is once again forming due to the recent price movement, we may see another breakout in the price of GALA in the coming days of March. The fear and greed index is generally dominated by fear, but these are sometimes signs of trend reversals, other things equal.
The 50-MA of a 4-hour chart is still above the price, indicating that the long-term trend is still bearish for GALA. This indicates that the price could keep declining in the coming weeks. However, the 20-MA of a 4-hour chart is now slightly below the price, meaning that the trend might be upward in the shorter term and that the price of GALA may increase in the coming days.
The 9-EMA of a 4-hour chart is also currently below the price of GALA, meaning that the price of GALA may increase in the coming hours and that the EMA line may support potential price retracements.
Relative Strength Index
The RSI of a 4-hour chart was recently at 30, meaning that GALA was due to become oversold. Hence, this led to the price surging upward in the 4-hour chart so that the RSI is stable. Currently, the buying pressure is increasing. Moreover, the RSI suggests that there is plenty of room for GALA to grow in the coming days.
The MACD line of a 4-hour chart recently intersected with the signal line and is now above the latter. This could see the MACD line move above the baseline if it continues to grow at this rate. Furthermore, this also suggests that the momentum could become bullish for GALA.
The Fibonacci retracement levels of a 4-hour chart suggest that the price of GALA could retrace at the 38.2% level since that area aligns with previous resistance. Nonetheless, the 61.8% could also prove to be a strong resistance structure as it matches with the previous resistance of February.
Price Prediction GALA – March 2022
Based on this technical analysis on Gala (GALA), the price of GALA could increase in the coming days if the breakout occurs as expected. Because of the narrowing triangle pattern in the 4-hour chart, we may see GALA have another bullish surge this month, where it may eventually reach as high as $0.30 in the coming days. Of course, a price of $0.40 is still attainable this month as it was in February, but that would essentially depend on other market factors, such as the price of Bitcoin (BTC).
Latest News for GALA – Affecting Price
Besides the FUD caused by the conflict between Ukraine and Russia, GALA has been constantly trying to overcome these challenges and interact with its community as much as possible.
On a bullish note, Binance US will now list Gala. This greatly increases the accessibility of purchasing GALA tokens for US citizens.
Deposits are open now.
— Binance.US 🇺🇸 (@BinanceUS) March 3, 2022
Besides that, Gala recently collaborated with famous artist Snoop Dogg, where they announced the sale of one of the eighteen collections that the B.O.D.R Snoop Dogg NFTs. Snoop Dogg is a known adherent of both the crypto and the NFT space. Hence, this collaboration may help both parties achieve great success in the coming weeks.
Snoop’s Stash Boxes are back in the store!
Get 1 of the standard 18 tracks from the B.O.D.R album, all 3 of the Gala exclusive bonus tracks, a“Welcome to Death Row” whitelist token, and more! @SnoopDogg
— Gala Music (@GoGalaMusic) March 5, 2022
Lastly, Gala received support from another great media personality, namely Paris Hilton. Hilton also is known for her contribution to the crypto space. We often discuss how influencers largely affect the price of a certain cryptocurrency. This might be the case for Gala as well, with the likes of Snoop Dogg and Hilton supporting the project. Therefore, this public support for Gala could further increase the impact that GALA can have on the market in March.
— ParisHilton.eth (@ParisHilton) March 6, 2022
All in all, we may see GALA have a great outcome in the coming weeks, without taking into account other market factors as well as the price instability caused by the recent political events.