The GALA token’s surge has occurred at a time when interest in blockchain gaming is growing, a sector where it has already found a market. Technical indicators are showing positive price movements but also mark strong resistance levels.
GALA Current Price and Trend
At the time of writing, GALA was trading at $0.02154, which had given a good hike in the week. The price is now testing the 20-day SMA currently at $0.02089 after acting as a resistance level.
Likewise, a continued upward move above this SMA could also indicate the start of more bullish momentum, which will attract more buyers.
The upper Bollinger Band at $0.02717 serves as a crucial resistance level. It also shows that if GALA moves above this level, there would be more buying pressure which suggests a breakout.
On the other hand, failure to surpass this level may lead to a short-term consolidation phase.
Relative Strength Index (RSI) Reflects Positive Momentum
The Relative Strength Index (RSI) for GALA is 46.02, slightly below 50.
1-day GALA trading chart|source TradingView
This reading may be interpreted as slightly bullish, which means that there is still potential in GALA for further upward movement before entering overbought territory. Nevertheless, a move above the 50 RSI would boost the bullish signal encouraging traders to enter long positions.
Analyst Insights: Accumulation Zone and Buy/Sell Levels
Crypto analyst CW8900 went on to say that GALA has a crucial sell wall at $0.0245, through which GALA needs to break for further upward movement. Furthermore, a buy wall at $0.0205 acts as a support line hindering further downward movement.
CW8900 also pointed out that there is likely to be some selling pressure at $0.023, $0.0245, and $0.025, meaning that bullish pressure will have to remain strong for the GALA price to break through these levels.
If GALA gets past these levels of resistance, then there is potential for a new bullish trend. Social media sentiment continues to be positive with users pointing to it as a possible leader in crypto gaming.
There are speculations that in the future the token could offer considerable returns by the time blockchain gaming shifts into high gear in the crypto market with forecasts of up to x 50 by early 2025.
GALA: Future Price Projections and Community Expectations
Community forecasts are highly optimistic, with investors circulating ambitious targets as they look ahead. Looking at the analysts’ forecasts, it can be stated that by the end of 2024, each GALA token will range between $0.068 and $0.104.
The absolute having a potential profit of up to 314% at the current price. This end-of-year projection places the average price of the asset to be $0.089 by December and would yield significant profits to anyone owning the asset.
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