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HomeNewsGALA Price in a Descending Triangle Pattern: What’s Next?

GALA Price in a Descending Triangle Pattern: What’s Next?

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  • Gala Games (GALA) price consolidation hints at potential breakout.
  • The security breach saw hackers mint 5 billion GALA tokens.

Gala Games (GALA) price has been consolidating, bouncing between $0.05288 and $0.03758 in a Descending Triangle pattern. After hitting its all-time high of $0.08714, GALA has experienced a decline of more than 300%, and this pattern has been a part of that larger bearish trend.

GALA Current Market Position 

At the time of writing, GALA was trading at about $0.04503, up 5.04% from the previous day, according to CoinMarketCap data. At 2.09%, this latest increase also represents a bullish position over the previous seven days.

Nevertheless, the price of GALA is still inside the descending triangle, indicating a build-up of momentum that could result in a noteworthy breakout, either upward or downward.

gala
Source: TradingView

GALA is now trading below the 100-day moving average (SMA) on both the 4-hour and 1-day timeframes. With a trading volume of over $199 million, which has dropped by more than 25% in the last 24 hours, the cryptocurrency asset has a market cap of more than $1.3 billion.

GALA is trading below the 100-day moving average according to a four-hour timeframe analysis, suggesting a recurring bearish trend.

The MACD indicator, which indicates ongoing downward momentum and a general bearish market mood when histograms and lines trend below the MACD zero line, further supports this viewpoint.

Potential Breakout Scenarios

GALA might head for the $0.06899 resistance level if it manages to break out above the falling triangle formation. GALA might climb further higher to test the $0.08714 resistance level if this one is overcome.

GALA may, however, move toward the $0.02041 support level if it breaks below the descending triangle. The price could fall even more to test the $0.01293 support level if this one holds.

Meanwhile, ETHNews has reported on a security incident at Gala Games in which hackers minted and transferred 5 billion GALA tokens, which were worth about $214 million at the time.

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Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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