Analysts Target GALA Price at $0.050: Possible or Not?

The recent movement of the GALA price has drawn the traders’ attention as technical analysis points to more price rallies. GALA surged to nearly $0.030 before it retracted to trading at $0.0248. The former level is still above key resistance pointing to sustained upward movement.

Analysts are keenly observing the market as GALA continues holding around key support levels. It hints at a continuous bullish market move.

Analysts’ Technical Indicators Show Mixed Signals

The daily GALA/USDT chart formed a golden cross. It indicated a buy signal as the 9-day average crossed above the 21-day moving average.

1-day GALA tradingchart | Source Tradingview

This pattern is usually considered a bullish signal indicating a further rise in case GALA holds above $0.0247.

But if GALA declines from the $0.030 resistance level, this may signal profit selling or short-term resistance and analysts opine that GALA needs to stay above this support level for continued price rally.

Additional support is around the 21-day MA at $0.0231, offering a stop-loss level if the price drops. A break below this could push GALA to lows of $0.0211. The Money Flow Index (MFI) is now at 64.08 showing that buying pressure is dominant over selling pressure.

GALA still has some potential to move up as the MFI is not at the overbought level yet; however, some analysts believe that a reversal may occur if the buying interest decreases.

GALA Price Projections from Analysts

Technical analyst TamngwaB has noted potential resistance levels that may be targeted by GALA in case it maintains price support at the current levels.

With such strong buyer interest, GALA could push the price to $0.034 or even reach TamngwaB’s target area of $0.040 to $0.050.

He describes that if the level of $0.0225 is breached to the downside, GALA might reverse to the lower support levels around $0.0175, which weakens the bullish outlook.

Analyst CW8900 also commented that the token would rise to $0.038 if the latest correction is done. This target corresponds to the resistance levels outlined by other analysts and resembles a moderately bullish outlook regarding the GALA token.

Nonetheless, CW8900 clarifies the importance of the overall market stability for GALA as the performance of the project depends on the changes in the extended crypto market and Bitcoin, in particular.

Bitrue Integrates GalaChain, Boosting GALA Trading Potential

To improve GALA’s market accessibility, cryptocurrency exchange Bitrue recently integrated the GalaChain mainnet for GALA trading. Bitrue is the first exchange to offer direct trading, depositing, and withdrawal of GALA on GalaChain, cutting out bridge fees.

By allowing users to trade GALA with various tokens directly on GalaChain, Bitrue provides an appealing alternative for GALA holders seeking a cost-effective trading experience.

This integration aligns with the Gala Games ecosystem’s goal of simplifying blockchain access, particularly in the gaming sector. Direct transactions on GalaChain are in line with the ecosystem’s goal of lowering costs and enhancing user experience

Bitrue’s adoption of GalaChain may set a precedent for other exchanges, potentially boosting GALA’s adoption by making the token more accessible to a wider audience.