Source : coinquora.com
This 2021 Gala (GALA) Technical Analysis is based on the study of technical indicators. Below, we have outlined the key factors that contributed to our Gala (GALA) price analysis.
Gala project focuses on taking the gaming platform in a different way by offering players back control over their games. Moreover, the Gala Games mission is to make blockchain games users will actually want to play.
In addition,With this project, players are able to change the fact that they can spend hundreds of dollars on in-game assets and spend hours enjoying the game, but are at risk of losing access to those assets with the click of a button. By using blockchain technology, the company plans to reintroduce creative thinking to games by giving players control over in-game assets and games.
Gala Games gives its players the opportunity to own NFT tokens (non-fungible tokens) and influence the governance of games within the Gala Games ecosystem. Through the Founder’s Node voting mechanism, players can direct what games Gala should develop and which should be funded.
Aside from NFTs, Gala Games uses GALA, which is its own utility token. To date, Gala Games has released one playable game, Town Star, and a series of NFT collectibles, VOX. Further games are planned for release in the future, such as a fantasy RPG, a sci-fi strategy game and a tower defense game.
The Gala Games app has grown to 1.3 million monthly active users and has sold 26,000 NFTs, with the most expensive piece being worth $3 million.
Gala Current Market Position
According to CoinMarketCap, the GALA is at $0.693 with a 24-hour trading volume of over $6,259,130,010, at the time of writing this GALA technical analysis. This means the price of GALA has increased by over 2.31% in the last 24 hours.
Gala token has a current circulating supply of 6.98B GALA. For those interested in buying the token, GALA can be purchased and sold on Binance, Mandala Exchange, OKEx, Huobi Global, and FTX.
Gala Technical Analysis
Currently, Gala holds 42nd place on CoinMarketCap in terms of market capitalization. Do you think the latest upgrades, changes, and developments in the GALA blockchain can help the crypto’s price to reach higher? Now let’s proceed to the chart in this GALA price prediction article.
Based on the chart above, GALA positions itself along with the raging bulls. Today, GALA trades at a high price of $0.67. In addition, we can see that GALA recently performed an Ascending Channel pattern. An ascending channel is the price action that occurs in an upward direction through a rising parallel line.
More so, the chart shows the Higher Highs and Higher Lows from this price pattern. In addition, this pattern represents a short-term bullish.
In other words, GALA is gearing itself for a possible bullish rally in the days to come. If this happens, the crypto might go beyond its resistance level and reach the bullish price. Of course, this is most likely to happen if the bullish market continues to reside with GALA.
Conversely, if the bulls turn against crypto, the price of GALA might fall. In short, GALA might break out from its uptrend position and nosedive to a bearish price. Indeed, this price level is not a good picture in the eyes of the investors.
Gala Technical Analysis — MACD, RSI, MA, EMA
When it comes to Moving Average Convergence/Divergence (MACD), the MACD stands just below the signal indicator making a bearish crossover. This represents those traders and investors may expect bearish days ahead. However, if the MACD points towards an upward direction, then we may expect more bullish days ahead.
Furthermore, the Relative Strength Index (RSI) is at level 65.97, this shows that GALA is in nearly overbought state. As a result, traders need to trade safely, as major price reversal could happen soon.
The chart above indicates the 50-day Moving Average and 30-day Exponential Moving Average of GALA. Currently, GALA is in a bullish state. Notably, the GALA price is above 30-MA and 50-EMA, so it is completely in a bullish state. Therefore, there is a high possibility of a trend reversal at any time.
Gala Technical Analysis — RVOL, ADX, RVI
Since the start of 2021, GALA’s price has seen many bullish moves which are higher than the previous one. Additionally, those are often followed by consolidations, fluctuations, and corrections right away.
The above chart shows the Relative Volume (RVOL) of GALA. It is an indicator that indicates to traders how the current trading volume has changed over a period of time compared to the previous trading volume. Currently, the RVOL of GALA lies below the cutoff line which indicates the weaker participants in the current trend.Now let’s look at GALA’s Average Directional Index (ADX).
Above, you can see a chart of the Relative Volatility Index (RVI). In detail, RVI calculates standard deviation over a period rather than absolute price changes over that period. RVI is above 50 levels, this indicates the direction of volatility is to the upside.
GALA 2021 technical analysis shows that the cryptocurrency has a fantastic future ahead in 2021. Also, the project looks promising as it has high aims, a use case, and clear goals that target a broad market.
Bullish GALA price prediction 2021 is $2. GALA could also reach a new all-time high price if investors have decided that GALA is a good investment in 2021. Furthermore, together with growing adoption, positive price predictions, and a community composed of thousands of retailers, GALA is likely to be a good investment this year.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.