GALA Forms Descending Triangle Pattern – Here Are Key Levels To watch

Source Bitcoinist
Jun 1, 2024 20:00

The price of Gala Games (GALA) has been moving in a consolidation manner for a while now, moving between $0.05288 and $0.03758, forming a Descending Triangle pattern in the process. GALA has been on a bearish trend since hitting its all-time high of $0.08714, making a drop of over 300%.

GALA’s price is still consolidating within the triangle, building up momentum for a potential breakout. Based on the descending triangular pattern the price of GALA is forming, it could either break above or break below.

In this article, we will see the possible price actions when a potential breakout from the triangle occurs and how far it could move.

At the time of writing, the crypto asset’s price was down by 1.45%, trading around $0.04287 below the 100-day moving average (SMA) in the last 24 hours both on the 4-hour and 1-day timeframe. Its market capitalization is currently over $1.3 billion with a trading volume of over $199 million which is over 25% down in the last 24 hours.

Price Sentiment On GALA’s 4-Hour And 1-Day Chart

From the 4-hour timeframe chart, it can observed that the price of GALA is actively trading below the 100-day moving average, suggesting that the asset is on a bearish trend and could continue to move downward.

GALA

Also, looking at the 4-hour MACD indicator, it can be observed that the MACD histograms are trending below the MACD zero line with good momentum. The MACD line and the MACD signal line also are trending below the MACD zero line. Given this MACD pattern, it is possible that prices may continue to fall and that the market is still overwhelmingly negative.

On the 1-day time frame, the price of GALA is actively bearish as it is seen trading below 1-Day SMA dropping a bearish candlestick.

GALA

The 1-Day MACD indicator is also giving a bearish sign as the MACD histograms are going smaller in size, which means buyers are gradually losing momentum in the market. Also, the MACD signal line is attempting to cross below the MACD line and the MACD zero line.

Potential Price Actions In The Event Of A Breakout

Conclusively, if there is a break out above the descending triangle pattern, GALA will begin a move upward toward the $0.06899 resistance level. If the price breaks this resistance level, It could rise even higher to test the resistance level of $0.08714.

On the contrary, should prices break below the descending triangle pattern in continuation of its downtrend, the price might begin to move toward the $0.02041 support level. if this level fails to withstand the price, It could drop more toward the $0.01293 support level to test it.

GALA
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Copper Long-term forecast: Will Copper Price Expected To Soar In 2023?The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
Author  Mitrade
The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
placeholder
What is SEI? Why did Binance, Coinbase, and OKX all list SEI coin simultaneously?Sei is a new Layer-1 public chain, and the launch of its token SEI can create new opportunities.
Author  Mitrade
Sei is a new Layer-1 public chain, and the launch of its token SEI can create new opportunities.
placeholder
Understanding the first crypto market crash of 2024 and what to expect nextThe 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
Author  FXStreet
The 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
placeholder
Japanese Yen stands tall near one-month top against USD on hawkish BoJ talksThe Japanese Yen (JPY) rallied to the highest level since early February against its American counterpart on Friday amid bets for an imminent shift in the Bank of Japan's (BoJ) policy stance.
Author  FXStreet
The Japanese Yen (JPY) rallied to the highest level since early February against its American counterpart on Friday amid bets for an imminent shift in the Bank of Japan's (BoJ) policy stance.
placeholder
Natural Gas faces upside pressure as European traders prepare for next heating seasonNatural Gas (XNG/USD) prices are holding ground above $2.00 on Friday after a brief dip earlier this week. Gas prices are quickly recovering as mainland Europe is gearing up for the next heating season, with traders starting to negotiate contracts in
Author  FXStreet
Natural Gas (XNG/USD) prices are holding ground above $2.00 on Friday after a brief dip earlier this week. Gas prices are quickly recovering as mainland Europe is gearing up for the next heating season, with traders starting to negotiate contracts in
goTop
quote