Gala Games (GALA) has endured a challenging period in the cryptocurrency market, experiencing a significant decline of 97% in value since its all-time high in November 2021. However, there have been glimmers of hope amidst the turmoil. In January 2023, GALA witnessed a remarkable rally of 286%, providing temporary relief to its holders. Unfortunately, the following six months witnessed a continuation of downward price action, with a 57% decline. Nevertheless, there is renewed optimism within the GALA community, as the recent 11% rally has breathed new life into the previously stagnant price. This resurgence can be attributed to GALA finding support from the 20-day moving average (20DMA) and reclaiming stability at $0.0275. With GALA currently trading at $0.026 (a 24-hour change of -4.7%), potential investors are left wondering if it is too late to enter the market.
Technical Analysis and Price Outlook
The recent push by GALA to turn the consolidation phase at the 20DMA into a support level and aim for the 200-day moving average (200DMA) at around $0.036 has invigorated the charts. As the technical structure continues to strengthen with this upward swing, the temporary retracement observed in the market could provide a brief respite for GALA’s indicators. The relative strength index (RSI) spiked during the recent upward movement, briefly reaching 60, which is considered an overbought signal. However, the subsequent cooldown in the RSI, coupled with the downward slide in price, may indicate an imminent reversal towards further upside movements. The moving average convergence divergence (MACD) also supports this view, showing minor bullish divergence at 0.00019. Despite the potential for a substantial 36.4% increase if GALA successfully reclaims the 200DMA, there remains a significant downside risk, with a possible decline to the lower trendline at $0.018, representing a decrease of 29.2%. Considering the risk-to-reward ratio of 1.24, which suggests an unattractive entry point, it may indeed be too late to purchase GALA in the short term.
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