Gala Games (GALA) has weathered a hard crypto winter over the past year, as holders starve of -97% performance since the all-time high in November 2021.
While the start of 2023 saw a brief respite with an impressive 286% rally in January, the 6-months since have seen a resumption of bleed-out price action (-57%).
Yet community hopes are once again riding high, as a +11% rally has breathed new life into rock-bottom price action.
This comes as GALA seemingly catches much needed support from the 20DMA, pushing high to reclaim support at $0.0275.
GALA Price Analysis: Can it Reclaim 200DMA?
With GALA now trading at a current price of $0.026 (a 24 hour change of -4.7%) some are wondering if it’s too late to buy.
The move to flip consolidation at the 20DMA to support, and push up in pursuit of the 200DMA (around $0.036) has certainly reinvigorated charts.
As technical structure continues to be bolstered by this upside swing, the localised retracement action seen in markets today may provide a brief respite for GALA’s indicators.
Indeed, the RSI spiked on the recent move north, briefly touching 60 yesterday – a classic overbought signal.
While this could indicate that GALA is overbought, the rapid cool-down appearing on the RSI alongside the downside slide today could soon signal an imminent reversal to upside moves.
This is a view which receives some confirmation from the MACD, which is displaying minor bullish divergence at 0.00019.
Price action here remains hairy, with an upside target at the 200DMA forming a critical level to reclaim, this could see GALA unlock a +36.4% move.
However, downside risk remains significant with a fall to the lower trendline at $0.018 firmly on the cards (a possible -29.2% move).
This leaves GALA facing a risk: reward ratio of 1.24 – an unattractive entry – suggesting that it could well be too late to buy GALA on the short-time frame.
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