GALA Technical Analysis: Rejection Brings Buy The Dip Opportunity

The GALA coin price struggles to overcome the selling pressure at $0.40 and declines 4%. Will the uptrend survive this correction? GALA is an Ethereum-based ERC 20 that powers Gala Games, a decentralized gaming platform. The token is used as a currency between gamers on the Gala ecosystem. For example, it can be used to pay for in-game items. Gala Games confirms it will invest $5 billion to advance its NFT goals in the upcoming year. The NFTs will be split between music, gaming movies, and theme parks-based products. Around $16.73 billion worth of GALA, the native currency of the platform has been diluted by the company, which accounts for around 15% of the tokens that is currently in circulation Let us move ahead to read about Gala technical analysis. Past Performance of GALA The GALA coin price shows a growth of more than 100% in the past week as it breaks above multiple sellers’ point. The rally breaks above a consolidation range, the $0.30 horizontal level, and a long-coming resistance trendline within a week. As mentioned in our previous article, the overnight increase in buying pressure results in a trend reversal. However, the rally struggles to crush the selling pressure at the $0.40 resistance zone. GALA/USD Daily Chart GALA Technical Analysis The GALA coin price shows a bearish candle formation near the $0.40 resistance zone as the rally struggles to sustain the momentum. Therefore, a reversal to retest the trendline...