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GALA PRICE ANALYSIS & PREDICTION (December 21) – Gala Posts 35% Loss Weekly Amid Market Crackdown, Yet To Locate Support
As the market continues to experience a crackdown, Gala has unfortunately followed suit, recording a staggering 35% loss weekly. This significant decline has left many investors questioning whether it is time to cut their losses or hold on for a potential rebound.
Unfortunately, Gala’s recent price action suggests that the bears are firmly in control of the market. The cryptocurrency’s price dropped significantly over the past week, with no signs of halting its downward correction as of writing. In fact, we saw a rejection this month, followed by a swift decline to new monthly lows.
Despite facing an initial bullish rally earlier in the week, Gala was met with resistance and ultimately failed to maintain its momentum. As a result, it has lost all the gains made earlier in November, trading at an incredibly low $0.0326 as of today.
While some may view this latest correction as healthy for the market, many investors are likely feeling anxious about the future prospects of Gala. Unfortunately, it remains unclear when – or if – support will be located to stem the tide of selling pressure.
At present, bears appear to be targeting the $0.031 level, with a potential breach potentially sending prices crashing down to key supports at $0.0263 and $0.0216. Any further weakness could push Gala as low as $0.017, making for an incredibly volatile and unpredictable market dynamic.
In contrast, bulls may still find solace in the fact that reclaiming the $0.0405 level would offer a minor resistance hurdle. If successful, this would pave the way for a potential recovery back up to the monthly high of $0.065 before potentially bursting through to new highs.
For now, Gala’s price action is decidedly bearish, with no clear signs of support or reversal. It remains essential that investors keep a close eye on key levels and market developments as we move forward.
Disclosure: This article is not meant to be investment advice. Always conduct your own research before making any decisions regarding cryptocurrency or investing in any services.
Source: nulltx.com
