In today’s trading session, Project Galaxy has dropped by 14 per cent. Currently trading at $6, the project has been one of the most anticipated launches of 2022. On May 5, 2022, just over a month after the company celebrated its one year anniversary, Projet Galaxy token GAL was launched. The currency was first made available on the Binance launch pool and started trading on May 5.
However, since the project’s launch, it has struggled in the markets, dropping by 58 per cent since its launch. The project has also been plagued with investors’ extreme fear after the recent cryptocurrency fear. Today, new projects are not gaining traction as fast as it was previously. This is because of the recent events that have made investors cautious about what projects they are investing in.
The latest project that has resulted in projects losing money is the UST stable coin which Luna supported. The project dropped by more than 99 per cent last week, wiping out almost all its users’ investments. It also caused a ripple effect in the markets, where investors went into a sell-off frenzy. For a new project like Galaxy, this meant prices either dropped or remained stagnated.
Project Galaxy Price Prediction
Since its launch, Project Galaxy has been in a consistent bearish move, losing 58 per cent of its value since May 5. Today, the drop looks poised to continue with its downward move after dropping by 14 per cent.
Looking at the 4-hour chart below, prices have traded sideways for the past few hours. This is after the crypto dropped aggressively in the early hours of the trading session. However, even with the sideways trading, Galaxy prices still loos poised to drop further. I expect the prices to drop and trade below $5 in the next few trading sessions.
However, if the prices close above today’s opening price of $7.17 by the end of day, then my analysis will be invalidated. It will also signal a likelihood of a bullish move. It will also likely mean a trend reversal rather than a bearish flag if the prices move above the price level.