Gala crypto price has followed the current cryptocurrency crash to the bottom, with today’s trading session showing a 10 per cent drop. Today’s drop in the market comes amidst a recent price surge where Gala rose by 111 per cent in four days.
However, looking at recent data in a broader context, the cryptocurrency is still in a strong bearish move. In May, Gala crypto has lost 32 per cent of its value. Since the beginning of the year, the Gala cryptocurrency has lost 80 per cent of its value after opening the year, trading at $0.45.
The broader context of the months-long bearish move also shows that the problem has been industry-wide. For instance, in the past two months, most cryptocurrencies have dropped by more than 30 per cent.
In today’s trading session, the prices of Gala have dropped by 10 per cent. This reversal of the past four days saw Gala recover and double in value. However, the past 24 hours have been very rough for the cryptocurrency, looking at the trading volume data. This is after its trading volume dropped by 19 per cent. Normally, markets react by the price drop when trading volume decreases, which can be seen today.
Looking at the 4-hour chart below, the prices of Gala have been trading sideways for the past few hours. This is after dropping aggressively in the morning hours of the trading session. The chart also that the last two candles are showing a bullish lean. The Williams Alligator is also showing the bearish volatility has reduced in the past few hours.
However, even with prices showing a small lean to the upward, the chart shows the price action making multiple bearish flags before dropping aggressively. Therefore, the current small rise in price is a bearish flag. Therefore, I expect Gala crypto prices to continue dropping after the current sideways market with a bullish lean.
However, if the prices close today’s session above $0.1, then my trade analysis will be invalidated. It will also mean the prices have reversed. There will also be a high likelihood of seeing a sustained upward Gala price move.
This post was last modified on May 16, 2022, 15:58 BST 15:58