GALA is one of the most popular cryptocurrencies in the metaverse world and is up 27% today. Will cryptocurrencies continue to rise? Technical data and details are here.
GALA Technical Analysis: Will the coin that has risen 27% continue to rise?
Blockchain-based gaming projects managed to become a favorite in 2022. In particular, the metaverse trend makes these projects and cryptocurrencies even more compelling. Gala Games is one of them. GALA is a blockchain-based gaming application, such as Axie Infinity.
Related: What is the metaverse and what does it look like in the future?
Developed by Zynga founder Eric Schiermeyer, Gala Games players have created their own NFT. The GALA token, which is Gala Games' own managed token, is up 27% today and has managed to garner attention.
Related: What is Gala Games (GALA) and what is its future?
The cryptocurrency rose to a record high of $0.83 on November 26, 2021, 70% below its value on that day. According to Coinmarketcap, it was trading at $0.2436 at the time of writing. GALA's total market cap is $1.702 billion. With this value, the cottage coin is ranked 58th among the most valuable assets in the cryptocurrency market. In the chart below, you can see GALA's price trend over the last 24 hours.
Gala Games (GALA) 24 hour chart
The technical data of GALA suggests that its price will rise. The daily RSI is rising below the bullish momentum. The token fell from a key support level at the end of January and managed to reverse the momentum. The bulls managed to break the key resistance level of $0.22. The move was an explosion of increased holdings over the past two weeks. The Relative Strength Index (38) moved higher and regained its 14-SMA. The increased strength of buyers suggests a more likely breakout to the upside.
Price consolidation shows a symmetrical triangle pattern on the 4-hour time frame chart. This pattern can provide cryptocurrency traders with an excellent directional move when price breaks the trend line on either side. Another key resistance point before GALA is $0.27. If bulls manage to break through this level, the token could rise even faster.
The level to consider at the support point starts from $0.18. Selling pressure at this level could pull the token up to $0.15.
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