GALA, the player empowerment coin is among the top gainers today, May 13. The token gained a massive 48% in the past 24 hours. GALA is trading at $0.09561 based on data from Bitstamp. This is a 48% gain from its lowest drop of $0.04935 in the past 24 hours. The gains for the day are even higher, considering that the coin is retracting at the time of filing this report.
GALA is currently trading within the range it traded in last November. The GALA/USDT chart shows that this support has formed a triangle base and indicates that the $0.04935 has withstood the bears since November 8, 2021. It’ll take a stronger bearish pressure to break this resistance.
Gala Market Analysis
Data available at Coinmarketcap shows that GALA has a market capitalization of $689 million. It is ranked number 77 based on this. Its market cap is up by 54% in the past 24, indicating that more capital inflow. The trading volume is up by 91.77%, so investors are taking advantage of the gains. However, to determine if this upswing can be sustained, we have taken a look at the price of GALA using market sentiments and technical indicators.
GALA Price Analysis
The 20-day and 50-day moving averages show that GALA is still in a downtrend. However, the 10-day moving average shows that GALA is reversing. This explains the current bounce.
The RSI indicator has a value of 50 indicating a low sell pressure. This means that the more people are selling GALA than those buying it. Even with the increasing popularity of the GameFi token, the upswing may be short-lived. It is possible that investors are still panicky and taking profit from the marginal gains that GALA has made in the past day.
The Gala team is one of the sponsors of the Permissionless, the Blockwork even scheduled to hold from May 17-19, 2022. The venue is Palm Beach, Florida.