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GALA PRICE ANALYSIS & PREDICTION (December 21) – Gala Posts 35% Loss Weekly Amid Market Crackdown, Yet To Locate Support
As the cryptocurrency market continues to experience a significant downturn, Gala has seen a staggering 35% loss in the weekly trading period. This substantial decline has led to a retest of its monthly low, casting doubts on whether the asset will find support soon.
Gala’s recent price action has been marred by rejection, having initially surged bullish earlier this month only to be halted at the $0.06 level. The subsequent correction led to a calm trading period for the remainder of that week. However, the cryptocurrency’s fortunes took a turn for the worse when it lost its grip above the $0.06 level and plummeted to $0.04. After briefly recovering from this low point, Gala stopped buying at $0.055 due to another rejection.
This indecisive behavior continued for three days before the price began to slide downwards once more. Today, we saw a test of the $0.032 mark, which is its lowest point in over a month. The asset’s proximity to the key level of $0.03 could potentially spark a new buy order and reinvigorate the bulls.
At present, the bears remain firmly in control of the market on the daily scale. Although the recent price correction may be beneficial for the market as a whole, it is still uncertain when or if Gala will find support.
As the asset teeters at the $0.031 mark, the bears are poised to reclaim this level and potentially target lower supports including $0.0263 and $0.0216. If we continue to see a further decline, the next levels of support would be $0.017.
On the upside, if Gala can push above the $0.0405 resistance mark, it will encounter minor resistance at $0.048 before potentially surging towards its monthly high of $0.065 and eventually breaking out to new highs.
Source: nulltx.com
