Gala Crypto price has once again failed to break out of the downtrend. During the weekend, Gala Games attempted to breakout of the downward trendline but got headwinds from the negative BTC price action. Consequently, the price plummeted by 3.65% in the final trading session of the week.
On Monday, GALA showed a slight recovery. At press time, the gaming coin was trading at $0.023 after an increase of 0.72%. The latest analysis reveals that the coin needs to break above a key resistance level to gain a bullish outlook.
According to the crypto markets tracking site Coingecko, Gala Games is currently the 71st biggest cryptocurrency with a market cap of $592 million. After an intense sell-off, the digital asset is trading 97% below its 2021 all-time high.
In other news, it has now been confirmed that GALA will be the gas token of Gala chain and the whole ecosystem. This would increase its utility while also putting positive pressure on the GALA crypto price. The project has already released multiple games, which can be viewed on its website.
Not a lot has changed since my last week’s analysis of GALA. As mentioned above, the coin attempted a breakout on Sunday, but bulls failed to break above the downward trendline. This trendline has been acting as a diagonal resistance since January 2023 peak of $0.06293.
As mentioned in my previous analysis, Gala crypto price prediction could flip bullish only after breaking above the trendline shown in the chart below. The coin also needs to make a higher high on the daily chart by closing a day above $0.035 level.
In the meantime, I’ll keep sharing updated GALA coin analysis and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Aug 07, 2023, 12:13 BST 12:13