Weeks after its launch, Project Galaxy continues to struggle in the markets and has lost 67 per cent of its value. In today’s trading session, the Project Galaxy price is down 15%. The prices also look highly likely to continue with the drop throughout the session. The drop will be a continuation of yesterday’s price drop that saw the prices fall by 4 per cent.
One of the main reasons we have seen Project Galaxy continue to fall is the timing of its launch. Throughout the month of May, the cryptocurrency industry has been plagued by a strong bear market. In addition, the Crypto industry has also dealt with two events, the fall of UST and Terra Luna during the month.
These events have caused panic throughout the markets, making investors cautious about their investments. Being a new kid, Project Galaxy has been met with scepticism that would not have been there if they had launched it a few months earlier.
Project Galaxy Price Prediction
Project Galaxy is down by 15 per cent in today’s trading session. The drop is an extension of the past few weeks, which have seen the crypto drop by 67 per cent since its launch on May 5, 2022. However, despite the recent drop, Project Galaxy is still likely to make a recovery. Part of the reason why Project Galaxy has failed to make gains in the market is due to the current industry-wide bear market.
Therefore, there is a high chance that the current price drops have little to do with it and more with the crypto bear market. For now, though, the prices are likely to continue dropping. As a result, there is a high likelihood we will see prices trading below $3.5 in the coming trading sessions.
However, if the prices close above today’s opening price of #5.7, my bear analysis will be invalidated. It will also mean a likelihood of price recovery. Such a price gain will also signal a new bullish wave.
Project Galaxy Daily Chart
