sustained downtrend has created a dynamic falling wedge
GALA price had been doing great until the first quarter, March 10th, 2024, when the price was rallying and reached $0.08627. However, the price was not able to hold on to its gains. The bulls slipped and violated the uptrend by formulating lower low peaks, amid a declining trendline.
However, the GALA crypto tried to maintain its gains by forming support at $0.0384 after a liquid grab candle was witnessed on April 13th, 2024. Thereon, the price started consolidating in a darvas box range for nearly 2 months, in order to surge.
However, this equilibrium state collapsed after the one-sided loss of bulls on June 7th, 2024. The sell-off was seen from the coinciding upper border of the developed wedge and EMA bands (200 & 50-day).
The Darvas box range crystally signified that the bulls lost the key support it tried to hold on. The bear's desperate attempt to breach the support led to the victory in the bear's hands.
Moreover, after the slippage of gains over the last 5 months, the plummetation increased in the narrowing wedge, resulting in a drop of more than 75% in GALA price.
This sustained downtrend has created a dynamic falling wedge trendline. A crucial level to monitor is $0.02686, which represents a significant juncture for traders and investors, in case of resurgence.
Despite these obstacles, GALA recently developed a liquidity grab on August 5th, 2024. This candle fortunately developed at a coinciding dual supports of demand zone with historical surge records, and dynamic wedge's lower border.
But, 50-day EMA and $0.0686 looms as a strong hurdle, which could threaten the price gains and have a strong chance that it might lead towards more downward pressure.
GALA Price Forecast And Indicators Outlook
However, the GALA crypto tried to maintain its gains by forming support at $0.0384 after a liquid grab candle was witnessed on April 13th, 2024. Thereon, the price started consolidating in a darvas box range for nearly 2 months, in order to surge.
However, this equilibrium state collapsed after the one-sided loss of bulls on June 7th, 2024. The sell-off was seen from the coinciding upper border of the developed wedge and EMA bands (200 & 50-day).
The Darvas box range crystally signified that the bulls lost the key support it tried to hold on. The bear's desperate attempt to breach the support led to the victory in the bear's hands.
Moreover, after the slippage of gains over the last 5 months, the plummetation increased in the narrowing wedge, resulting in a drop of more than 75% in GALA price.
This sustained downtrend has created a dynamic falling wedge trendline. A crucial level to monitor is $0.02686, which represents a significant juncture for traders and investors, in case of resurgence.
Despite these obstacles, GALA recently developed a liquidity grab on August 5th, 2024. This candle fortunately developed at a coinciding dual supports of demand zone with historical surge records, and dynamic wedge's lower border.
But, 50-day EMA and $0.0686 looms as a strong hurdle, which could threaten the price gains and have a strong chance that it might lead towards more downward pressure.
GALA Price Forecast And Indicators Outlook
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