Gala crypto is down by 5 percent in today’s trading session, extending the bearish trend that has seen its value drop by over 10 percent this week. This month, Gala crypto price has also dropped by almost 15 percent. Looking at the year-to-date data, the current bearish trend has been a continuation of a trend that has resulted in a 95 percent plunge in the value of the Gala since the year started.
Why is the Gala Crypto value dropping?
There are many reasons why we have seen Gala crypto dropping throughout the year. One of them is the current bearish trend of the crypto industry. As an altcoin, Gala crypto’s significant correlation with the industry has meant that its bearish trend has affected its price and dragged it down.
There have also been crypto events, such as the UST collapse of May and the FTT crypto exchange bankruptcy of November, that have triggered crypto collapses and resulted in the industry entering an aggressive bearish trend. These events have impacted Gala at significantly more than most projects, which has seen it lose most of its value.
Gala has also failed to make significant developments that can move the markets in its favor. For instance, Gala has not had any market-moving announcement this year that could have restored the confidence of its investors and possibly start the recovery. The impact of not having popular running developments has seen it fade into obscurity, with its trading volume and popularity diminishing, and resulting in the current long-term bearish trend.
Will Gala Crypto Recover?
Based on the current information, it is unlikely that we will see Gala crypto recovering in the markets. For instance, it will be very hard for Gala Crypto to return to its yearly opening price after dropping by 95 percent year-to-date.
Also, with the current price action also being bearish, I expect the current trend to continue. That means a possible drop below the $0.01 price level for the long term.
Daily Chart
