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The GALA prices drop from the resistance trendline as sellers regain trend control teasing a fall below the psychological mark of $0.050.
Key Technical Points:
- The GALA prices dropped by 6.96% in the last 24 hours.
- The market value of the gaming token fails to exceed the 50-day SMA.
- The 24-hour trading volume of Gala Games is $219 million, indicating a drop of 8%.
Past Performance of GALA
As warned in our previous analysis, GALA prices fail to break the resistance trendline as the increased selling pressure restarts another bear cycle. The falling prices retraced by 15% in the last five days and tested the psychological mark of $0.50. However, the similar declining trend in the intraday trading volume over the crypto market supports the possibility of an upside reversal to break the resistance trendline. 
Source - Tradingview
GALA Technical Analysis
The GALA price chart shows a drop of 5% today, teasing a downtrend continuation this week. Hence, the opposing price action and declining trading volume trend suggest traders wait for the price action confirmation. The substantial bearish influence above the halfway line keeps the RSI slope within the nearly oversold zone. Furthermore, the slope dips under the 14-day SMA, reflecting an increase in underlying bearishness. Moreover, the MACD indicator showcases a declining trend in the buying pressure as the MACD histograms lose intensity. And due to this, the MACD and signal lines prepare for a bearish crossover. Additionally, the MACD indicator displays an increase in selling pressures as the MACD histograms diminish in size. In turn, the MACD and the signal lines prepare for a bearish crossover. Thus, the momentum indicators predict the possibility of a downward trend that continues below the 50-day SMA. In a nutshell, the GALA technical analysis shows the technical indicators and price action supporting the bearish intent.
Upcoming Trend
If the GALA price does not hold over the $0.050, the selling spree could fall to the $0.045 level. Then, the traders can anticipate the fallout rally hitting the support trendline at $0.030. However, an early bullish reversal will sabotage the bearish rally, help regain the $0.050 value, and reach the overhead resistance of $0.070. Resistance Levels: $0.060 and $0.070 Support Levels: $0.050 and $0.045