Gala price predictions may be negative at the moment, and the reasons for this are not far-fetched. The token has fallen massively since its peak on 26 November 2021 at the 84 cents price mark. The token has fallen 94.04% since that day, leaving many GALA holders heavily under water and gasping for some crucially needed air.
GALA ended its fourth negative month yesterday, with losses of 34.48%. Its heaviest loss in this period was in April 2022, when it shed 48.28%. It has started the new month negatively, shedding 4.26% on the day. However, the price now sits at a support level just above its listing price. Any hope of recovery requires the bulls to push off these lows. While any rallies may be seen as new selling opportunities in the short term, the current prices are attractive for those with a long-term outlook.
As long as the blockchain gaming industry holds tremendous potential, the GALA token will also retain the potential to deliver bullish Gala price predictions. But for short-term traders, here is the outlook for the pair.
The price action is now testing the 0.05415 support level. A breakdown of this level gives the bears access to the all-time low price at 0.01794. A breakdown of this low that was seen on 13 September 2021 pushes the asset to new lows.
On the other hand, a bounce on the 0.05415 price mark enables the bulls to gain access to the 0.10056 resistance (14 May 2022 high). If the price action breaks above this level, the 0.14878 resistance (16 September 2021 and 6 May 2022 highs) becomes accessible to the bulls. Clearance of this level and the 200-day moving average line reverses the short-term downtrend, with 0.22085 (11 April 2021 high) and 0.29172 (28 March 2022 high) serving as additional northbound targets.
This post was last modified on Jul 01, 2022, 16:00 BST 16:00