GALA appears to be stabilizing on Sunday, February 22, now moving sideways within a rectangular range. According to the crypto analyst Crypto Pulse, this pattern often signals re-accumulation, where buyers gradually step in before a potential bullish move.
Technical indicators support this view, suggesting the selling pressure is easing and the market may be preparing for a recovery phase.
Source: Crypto Pulse X Post
The RSI shows bullish divergence, highlighting weakening selling momentum. Currently resting near strong support, GALA offers a potential long opportunity for traders targeting a rebound toward $0.0044.
Investors are advised to watch price action and volume closely, as a breakout from this consolidation range could indicate the start of a renewed upward trend and renewed market confidence in the token.
Also Read: Gala Price Outlook: GALA Targets $0.075 Breakout as Falling Wedge Appears
GALA Technical Outlook Reveals Bearish Pressure
According to TradingView, as of Sunday, February 22, the current price of GALA follows a downtrend, currently at $0.00368, a drop of around 2.13% from its previous price.
The chart includes EMAs of 20, 50, 100, and 200, all of which are above the price, implying a strong resistance level. The Bollinger Bands, shown in green, indicate the price is close to the lower band, implying a volatile situation and a possible oversold condition.
Source: TradingView
Technically, the 20 EMA, which operates on a shorter time horizon, remains below the 50 EMA, all of which are below the 100 EMA and 200 EMA, suggesting bearish momentum.
A closing price below the middle band of the Bollinger Band further supports the bearish trend. GALA may continue to fall to the support level of $0.00360-$0.00365 unless a strong catalyst pushes the price upwards.
Momentum Indicators Reinforce Bearish Trend
Looking at the momentum indicators, the RSI is at 36.67, which is below the 50-neutral reading and close to the 30-oversold reading.
This implies that the price has strong bearish momentum, and the price drop may be close to the oversold region. In the past sessions, the price has been trending downward, which implies that the selling pressure has been high.
Source: TradingView
The MACD indicator also supports the bearish view, as both the MACD line and signal line are negative, at -0.00006 and -0.00004, respectively, while the histogram is also slightly below zero at -0.00001.
The MACD line is also below the signal line, which is an indication of downward momentum. The RSI indicator, combined with the MACD, indicates that the trend is likely to remain bearish, although the oversold level is suggesting a possible stabilization of the price.
Also Read: GALA and NEAR in Focus as Analyst Points to High-Conviction Technical Levels