Why Gala Crypto Price Might be in a Long-term Bearish Trend
The Gala crypto price is poised to continue with its abysmal performance in the markets, with today’s trading session showing a drop of 2 per cent. In the past three weeks, it has dropped by 45 per cent, and today’s intraday trading shows a high likelihood of the continuation of the bearish trend.
In the past few weeks, the project has been faced with myriads of problems, including fears that it had been hacked, which saw its prices drop by over 20 per cent in a few hours. The past few weeks have also been tough on the cryptocurrency industry following the collapse of FTX crypto exchanges and fears that other crypto platforms and companies were also headed for bankruptcy.
With Gala Crypto being significantly correlated with the cryptocurrency industry, the latest problems facing the industry have also seen its prices getting dragged down, partly contributing to the recent 45 per cent price plunge.
Gala Crypto Price Forecast
Following recent problems, including a drop of 25 per cent within a two-hour period due to fears that the project had been hacked, and the delisting in some exchanges following reports of the purported hack, Gala crypto price has been in an aggressive bearish trend for the past few weeks.
Today, the crypto looks to be continuing the recent bearish price action, dropping by 2 per cent, with intraday showing a possible continuation of the bearish trend throughout the session. Therefore, my Gala crypto price prediction expects the recent bearish trend to continue for the next few trading sessions.
There is a high likelihood that we might see prices trading below the $0.020 price level in the coming sessions. In a worst-case scenario, my technical analysis does not rule out prices dropping below $0.015. A trade above $0.030 will invalidate my bearish analysis.
Kelvin Maina is a computer science graduate who has a passion for cryptocurrencies. In 2017, he became professional crypto and Forex technical analyst for CryptoPolitan and in 2022, he joined InvestingCube.com.