GALA token price action suggests a potential bullish reversal as the trend indicates a rise in bullishness near the falling support trend line.
Gala Games wants to revolutionize the gaming industry by giving gamers back control of their games. The project's mission is to make "blockchain games you want to actually play." Players can spend hundreds of money on in-game assets and spend countless hours playing the game. But, with just a click, they could lose control.
Gala Games aims to restore creativity and innovation in games through the use of blockchain technology. It will allow players to take control of their games and in-game resources.
Let us now look at the comprehensive technical analysis of Gala Games cryptocurrency.
GALA coin price continues to fall within a descending parallel channel in the 4-hour chart. It started after facing a colossal supply dump near the $0.00003875 WETH.
However, the price is testing the 50-day EMA, which is pushing the price higher. Furthermore, the price is close to the support trend line of the falling channel. Thus, a bullish reversal is plausible.
Source - Tradingview
GALA cryptocurrency is currently at 0.0002519 WETH. Additionally, the cryptocurrency has increased by 4.42% in the last 24 hours. Thus, indicating a drastic jump in buying pressure, supported by a 60% rise in the intraday trading volume.
MACD and signal lines are beneath the zero line in the daily chart. However, the fast line gives a bullish crossover, with the slow line indicating a rise in bullish powers. Hence, it provides a buy signal.
The RSI indicator falls below the central line in the daily technical chart. However, the slope takes support at 46% and rising higher to the central line. If the slope rises above the central line, one can expect a bullish phase.
As per the Gala Games technical analysis, the situation indicates a potential bullish reversal. The price action suggests that the falling channel is intact. Hence, one can expect a bullish jump to the resistance trendline.