GALA Technical Analysis: Bullish Failure At $0.070 Leads To 7% Drop

The GALA price shows a bullish failure to exceed the psychological mark of $1, teasing a potential downfall to the $0.79 support zone. Key Technical Points: The GALA prices reach the $0.070 mark. The price action shows a bullish breakout of the falling channel pattern. The 24-hour trading volume of Gala Games is $776 million, indicating a hike of 73%. Past Performance of GALA As teased in our previous analysis, the GALA prices avoid a downfall below the psychological mark of $0.050 and display an early bullish reversal. The bullish reversal breaks about the resistance trend line of the falling channel and hits the overhead resistance of the $0.070 supply zone. After that, however, the buyers lose trend control due to excessive supply at $0.070, resulting in a retracement that may soon test the broken resistance trendline. Source – Tradingview GALA Technical Analysis The GALA price action shows a 7% drop in the daily candle due to the excessive supply at the $0.070 resistance level. Hence traders can expect the retracement rally to reach the $0.050 support level to retest the broken resistance trendline. The bullish breakout rally exceeds the 50 SMA but fails to reach the 100 SMA due to the supply zone. However, the 50 SMA is ready to question the downfall due to the reversal from $0.070. After a bullish spike in the nearly overbought zone, the daily RSI slope retraces to retest the halfway line. Moreover, the MACD indicator sh...