Gala games (GALA) price fails to capitalize on the previous day’s gains and retreated lower. However, the undercurrent remains bullish as the price manages to stay above the 20-day EMA (Exponential Moving Average). Investors need strong buying conviction to move beyond $0.40.
Gala trades negatively on Wednesday.
The upside is capped near the $0.40 resistance level.
The momentum oscillators warn of any aggressive bids.
As of writing, GALA/USD is trading at $0.33, down more than 6% with the 24-hour trading volume of $1,513,232,528.
GALA token, the native coin of Gala Games Platform’s rallied more than 20% in the previous day, overshadowing gains of other major metaverse tokens as well as Meta’s stock. The coin surpassed other eminent metaverse projects including Axe Infinity, The Sandbox, and Decentraland.
On the daily chart, the Gala price has been depreciated more than 80% from the highs of $0.84 made on November 26. Furthermore, the descending trend line acts as a strong barrier for the Gala bulls.
Source: Trading View
After consolidating near the lows of $0.15 in January the price rallied more than 150% near the swing highs of $0.39.
A resurgence of the buying pressure could pierce the bearish slopping line toward the psychological level of $0.40. Next, market participants could jump toward the $0.50 horizontal resistance line.
On the other hand, if the price breaks below the ascending trend line slicing below the 50-day Exponential Moving Average (EMA) then the immediate support is placed at the $0.20 horizontal support level.
RSI: The Daily Relative Strength Index (RSI) trades at 55 with a neutral stance.
MACD: The Moving Average Convergence (MACD) holds comfortably above the midline.
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