After hitting its yearly price low of $0.038 on Wednesday, Gala Crypto started to push upwards during the late hours of the trading session. Today, the bullish trend looks poised to continue, with prices already up by less than a percentage point but signalling a likelihood that we might see further push to the upside before the day ends.
Gala has had a tough year in the market and is already down by over 90 per cent of its value year-to-date. Despite this, it has continued to be a market leader in the NFT space by investing in industries such as gaming, music and films. The platform’s $5 billion investment into Web3 technology this year has also left many investors convinced of its future and optimistic about its market recovery.
In today’s trading session, Gala crypto is up by less than a percentage point and continuing a bullish trend that started in the late hours of Wednesday’s session. However, despite the recent gains, the project has been in an aggressive push to the downside, which has seen its value dropping by 20 per cent in September. The trend has also looked choppy since September 19, and in most trading sessions, it has traded in a sideways market.
However, despite the recent gains in the markets, I still remain bearish on the trade. Part of the reason for my analysis is due to the current cryptocurrency industry, where major coins such as Bitcoins are in a downward trend. Gala, being an altcoin significantly correlated with these digital assets, is also likely to see its prices continue to get dragged down by market forces beyond its control.
Therefore, I expect Gala Crypto price to set a new yearly price low after breaking the current one, which stands at $0.038. There is a high likelihood that prices may drop to as far back as the $0.035 price level. However, should the prices trade above the $0.044 resistance level, then my bearish analysis will be invalidated.
This post was last modified on Sep 30, 2022, 12:38 BST 12:38