What you need to know:
- GALA is trading sideways within a rectangular range, indicating possible accumulation before a bullish move.
- The RSI of almost 36.67 indicates easing selling pressure and a possible near-term recovery.
- Multiple EMAs above the current price confirm continued bearish momentum.
GALA appears to be stabilizing on Sunday, February 22 and is now moving sideways within a rectangular range. According to According to crypto analyst Crypto Pulse, this pattern often signals reaccumulation, with buyers gradually intervening before a potential bullish move occurs.
Technical indicators support this view, suggesting that selling pressure is easing and the market may be preparing for a recovery phase.
Source: Crypto Pulse X post
The RSI is showing a bullish divergence, highlighting the weakening selling momentum. GALA is currently near strong support and presents a potential long opportunity for traders targeting a recovery towards $0.0044.
Investors are advised to keep a close eye on price action and volume as a breakout from this consolidation range could signal the start of a renewed uptrend and renewed market confidence in the token.
Also Read: Gala Price Outlook: GALA Targets a $0.075 Breakout as the Falling Wedge Appears
GALA Technical Outlook Reveals Bearish Pressure
According to TradingView, GALA’s current price is on a downward trend as of Sunday, February 22, currently at $0.00368, down about 2.13% from its previous price.
The chart contains 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 that the price is close to the lower band, implying a volatile situation and a possible oversold condition.
Source: Trading view
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, indicating bearish momentum.
A closing price below the middle band of the Bollinger Band further supports the bearish trend. GALA could continue to decline towards the support level of $0.00360-$0.00365 unless a strong catalyst pushes the price higher.
Momentum indicators are strengthening the bearish trend
Looking at the momentum indicators, the RSI is at 36.67, which is below the 50-neutral value and close to the 30-oversold value.
This implies that the price has strong bearish momentum and the price decline could be close to oversold territory. In recent sessions, the price has been on a downward trend, implying that selling pressure has been high.
Source: Trading view
The MACD indicator also supports the bearish view, as both the MACD line and the 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 indicates a possible stabilization of the price.
Also read: GALA and NEAR in focus as analyst points to high-conviction technical levels
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