- GALA price has dropped over 18% since last weekend.
- GALA bulls are finally starting to buy into the price action after a string of selling sessions.
- Price action will need to slide another 10% before bulls can undertake a 35% rally.
GALA (GALA) price should experience some volatile sessions this week after bears were able to book six red candles in a row. From top to bottom, GALA price is down over 18% since its rejection from the topside on Saturday. Expect to first see another slide lower with a 35% upside gain for bulls to cash in on.
GALA bulls need to do their homework on where to enter
GALA price is set to honor its background as it is linked to the Gala Games ecosystem. Bulls will have a field day in order to snipe any entry offered to them in the coming days as volatility is set to pick up more sharply. The decline should lose steam as the Relative Strength Index (RSI) is near bottoming out, although some more declines are needed first for a correct bounce higher.
GALA will have bulls being focused on that 200-day Simple Moving Average (SMA) that worked perfectly earlier this month. By then the RSI will have hit rock bottom and will be primed for a bounce higher. Once bulls can seize control of this bounce, only the 55-day SMA at $0.046 stands in their way of hitting $0.05 by the end of this week, bearing a 35% gain.
GALA/USD 4H-chart
That same 200-day SMA looks already pretty chopped up from the beginning of March. In case bulls are unable to defend it, another drop lower would mean a near 13% decline once again in the books. In that scenario, the green ascending trend line would underpin the price action as it did at the beginning of March.
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