Gala Games (GALA) has had its fair share of challenges in the cryptocurrency market, witnessing a significant decline of 97% in value since its all-time high in November 2021. This steep drop in price has undoubtedly been a cause for concern for investors. However, amidst this turmoil, there have been glimmers of hope. In January 2023, GALA experienced a remarkable rally of 286%, providing temporary relief to its holders. Unfortunately, the following six months saw a continuation of downward price action, with a 57% decline. Despite this, recent market activity has breathed new life into GALA, with an 11% rally and support from the 20-day moving average (20DMA) at $0.0275. With GALA currently trading at $0.026, potential investors may be wondering if it is too late to enter the market.
GALA’s recent push to establish the consolidation phase at the 20DMA as a support level and aim for the 200-day moving average (200DMA) at around $0.036 has invigorated the charts. This upward swing in the technical structure has provided a temporary retracement that could offer respite for GALA’s indicators. The relative strength index (RSI) spiked during the recent upward movement, reaching 60 – a level considered an overbought signal. However, the subsequent cooldown in the RSI, coupled with the downward slide in price, may indicate an imminent reversal towards further upside movements. The moving average convergence divergence (MACD) also supports this view, showing minor bullish divergence. While there is potential for a substantial 36.4% increase if GALA successfully reclaims the 200DMA, there is also a significant downside risk, with a possible decline to the lower trendline at $0.018, representing a decrease of 29.2%. This risk-to-reward ratio of 1.24 suggests an unattractive entry point in the short term, raising doubts about whether it is the right time to purchase GALA.
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It is essential to acknowledge that cryptocurrency is a high-risk asset class, and this article is provided for informational purposes only. It should not be considered as investment advice. Investors should be aware of the possibility of losing all of their capital.