Today’s trading session will see Gala’s price extend yesterday’s 4 per cent price gains in the market. Currently up by 6 per cent, Gala price has been in a long-term bearish trend throughout the month, which has seen the prices drop by 23 per cent. The June price drop has also been an extension of the long-term bearish trend that saw the crypto drop by 36 per cent in May and 85 per cent since the beginning of 2022.
Is Gala overperforming in the markets?
The past few days have been very tough for the cryptocurrency industry. Bitcoin, for instance, dropped by more than 15 per cent in yesterday’s trading session and looks poised to continue with the bearish trend. The global cryptocurrency industry also dipped to below $1 trillion yesterday. The industry is already down by 7 per cent after losing almost 10 per cent in yesterday’s trading season.
However, looking at the Gala price, the past two days have seen its price rise in the markets. On Monday, Gala prices rose by 4 per cent, and today, the prices are already up by 6 per cent. So today is also looking aggressively bullish, and there is a high likelihood we will see the prices continue to rise.
The altcoin, which is mostly positively correlated to Bitcoin, seems to be decoupling from it and charting new paths. Therefore, because it is currently not following Bitcoin’s aggressive bearish move, Gala looks to be overperforming in the markets. This is especially true considering the global cryptocurrency market lost almost 10 per cent of its value yesterday and is already 7 per cent down today.
Gala Price Prediction
The chart below shows the last two days have been aggressively bullish, with prices rising by 4 per cent yesterday and 6 per cent today. The chart also shows that, before the current price surge, the prices came close to touching the $0.047 price level.
Based on today’s aggressively bullish move, my Gala price prediction expects the prices to continue with the upward move. There is a high likelihood that we will see the prices hit the $0.080 resistance level in the next few trading sessions. We will also likely see prices break the resistance level and trade above it.
However, if the prices fall below the $0.060 price level, my bullish analysis will be invalidated. It will also mean a likely resumption of bear markets.
Gala Daily Chart
