Can Gala Crypto Price Portray An Extravagant Force In Either Way?

By Thecoinrepublic.com
about 2 months ago
2024 2024 APRIL GALA FORCE

The Gala crypto is extending the losses on the second consecutive day and dropped below the 20 day exponential moving average. The crypto has lost nearly 11% in the last two sessions. 

The daily chart implies a consolidation for the last three weeks. The lower boundary of the consolidation is $o.055 level whereas the upper boundary of the consolidation is $0.069. 

The long term trend outlook is positive which may invite more buying volumes at the lower levels. On the lower side, the 50 day EMA may act as a dynamic support.

If the buyers defend the price above the dynamic support of 50 day EMA, it may continue to thrust upwards. The breakout or breakdown on either side of the consolidation may initiate a new trend.

Gala Crypto Active Addresses Analysis

The number of active addresses represents the actual number of users who have performed transactions in a given period of time. A higher number of transactions indicates more liquidity and more preferable for the investors.

The above chart shows that the number of 24 hour and 7 day active addresses saw fluctuations between December 2023 to March 2024. The number of active addresses dropped in January and the first week of February. The number of 24 hour active addresses were 230 and 7 day active addresses were 851 in January. 

The active addresses saw a significant rise in February along with the GALA crypto price movement. However, the number of active addresses dropped again in the last week of March and is currently the same as in January.

Gala Crypto: OI Data Insights

The above chart showcases the variation of OI data along with the Gala price for the last few months. The chart depicts that the number of open contracts dropped in later weeks of December and January and so was the price.

However, the OI data witnessed a massive surge in February as the price broke out on the higher side. The last two weeks show a drop in the number of OI contracts. 

Positive Sentiments Have Faded: Can GALA Drop Lower

The sentiment data displays the overall bias of the traders and investors whether it is bullish, bearish or neutral at the moment. As per the chart, the overall sentiment is neutral at the moment. 

Earlier, the weighted sentiment was on the bullish side. However, the negative sentiments surged in the recent sessions which dragged the overall sentiment towards the neutral side.

Gala Crypto Price Prediction 2024

   

On the most optimistic note, GALA crypto could gain to a high of $0.084 as the highest value in April if the bulls are able to surpass the recent dynamic resistance of $0.069 level. On the other hand, the most pessimistic prediction of our analysts is for the price to reach $0.046 if it breaks below the recent support level of $0.055. 

Conclusion

Gala crypto is experiencing a downturn and has fallen below the 20-day EMA with an 11% loss in the last two sessions. Currently, the crypto is consolidating between $0.055 and $0.069. The trend outlook is positive in the long-term outlook which may potentially attract buyers. 

The Active addresses show a fluctuation, peaking in February with price increase, but has declined in the recent sessions. As per the positive view of our analysts GALA could hit $0.084 in April if it overcomes the $0.069 resistance level.

Technical levels:

  • Support Levels: $0.055 and $0.046
  • Resistance Levels: $0.069 and $0.084

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Related News