Gala price has dropped 4% in the last 24 hours, trading at $0.06669, with a 34% drop in volume to $269.8 million. But the coin’s weekly chart shows a 20% gain, and it is ranked high on Coingecko, suggesting that the performance in the last 24 hours could just be a correction after the coin’s price was rejected at the $0.070 resistance level. Earlier this month, GALA price saw a stronger rise, reaching $0.080, as the project announced a contract upgrade in a blog post. According to the post, the upgrade provides a smooth alternative token issuance solution for all GALA holders. However, it also brought some inconvenience to those who hold GALA tokens on centralized exchanges. This could be the reason for the sudden drop in the coin between March 10 and March 19, a period when the GALA price dropped from $0.080 to just over $0.050. This was exactly when Gala hosted its GalaChain hackathon, which took place on March 20-21 in San Francisco, California. After finding the bottom, GALA price saw an up move that pushed it back to $0.070 before undergoing a correction over the past 24 hours.
Gala Price Prediction
The question now is where will Gala prices go from here?
While March saw considerable volatility in the cryptocurrency industry due to the Bitcoin-led bull run that eventually expanded to include the altcoin market, many are now turning to technical indicators to predict future movements.
For Gala, based on certain signals, the coin is likely to see a price recovery soon.
For example, the coin’s Bollinger Bands have narrowed quite a bit recently, bringing them close together. Now, as the chart below shows, the Bollinger Bands appear to be starting to widen slightly again. This could be a bullish sign that could draw traders back into the coin.
Meanwhile, Gala’s relative strength index (RSI) value has fallen into neutral territory, with the current value at 43.19 as of writing. The RSI dropped from the overbought zone on March 25 to this level yesterday, before rising slightly into neutral territory before falling again.
Since it doesn’t look like there will be any further declines, traders may soon jump in to buy, in which case the RSI value is likely to rise back up, taking the coin’s price with it.
Since Gala seems to have found a stable point between $0.065 and $0.070, at least for the time being, the coin may stay here until the next bull or bear market pushes it one way or the other. If the bull market returns, the price of the coin may once again try to break through the $0.070 resistance level and rise back to $0.080.
Alternatively, the price could break the support and fall back to $0.055, like it did on March 19. Currently, Gala’s performance remains uncertain, so traders are advised to proceed with caution.
A promising alternative to Gala
While Gala has the potential to recover further in the coming days, there has recently been a lot of interest in a token called 5thScape (5SCAPE), which has already raised $2.65 million.
This is a project that claims to be "the next big thing of the decade."
5thScape is the world's first augmented reality and virtual reality ecosystem designed to connect the brightest minds together. Similar to Gala, it is a gaming project, but it goes a step further by allowing users to experience hyper-realistic virtual reality gaming worlds.
As a result, it allows users to explore a wide variety of gaming experiences, including exciting combat, precise archery, high-speed racing, immersive sports, and more.
In short, there is a game for everyone, and interested cryptocurrency users can participate in the project’s presale and become early supporters and holders of 5SCAPE tokens.
Currently, 5SCAPE tokens are priced at $0.00248, up more than 15% and up more than 4 days.
Since 5SCAPE’s listing price is fixed at $0.01, those who purchase at the current price can lock in approximately 303% of growth prior to listing.
Those interested in purchasing 5SCAPE tokens can exchange them with ETH, BNB, USDT or MATIC. You can also use a bank card.
Visit the 5SCAPE presale here.
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