Cryptocurrency GALA has seen a decrease in value recently, characterized by market dominance from bears and a 3.19% decrease from its previous closing. The 24-hour trading volume has picking up, despite the bearish momentum, indicating that traders are taking advantage of the downward dip and buying. Market capitalization has decreased by 3.00% to $281,366,128.

The Keltner Channel bands have begun to move downward with the upper band at $0.04278842 and the bottom at $0.03888144, an indication that GALA’s bearish hand is gaining traction and traders may consider shorting to benefit from the decreasing price. The next support target if this occurs is $0.0375, which provides some insight into potential short-term gains.

The Moving Average Convergence Divergence (MACD) has shown that while GALA’s 20-day Moving Average (MA) has moved above the price action, the 100-day MA remains below - indicating that the negative trend could carry on in the long term. If GALA rebounds close to the 100-day MA, it could provide an entry point.

The Money Flow Index and Relative Strength Index are both trending south, indicating that selling pressure is intensifying and GALA may further experience bearish influence in the short term. To try and avoid any counter-effect, traders may consider waiting for these two indicators to move above their signal line before taking any long positions.

Overall, GALA may continue to experience a bearish trend, but has potential for a bullish reversal. On account of this, traders must ensure to be mindful of key support and resistance levels include and exercise caution before making any decisions.



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