Gala Games (GALA) has weathered a harsh crypto winter over the past year as holders starve for a -97% return from 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-through price action (-57%).
However, community hopes are once again high as a +11% rally has breathed new life into the price action.
This comes as GALA seemingly gets much-needed support from the 20DMA, pushing high to reclaim support at $0.0275.
GALA Price Analysis: Can You Claim 200DMA?
With GALA now trading at a current price of $0.026 (a 24 hour change of -4.7%), some are wondering if it is too late to buy.
The move to flip the consolidation at the 20DMA to support, and push higher in pursuit of the 200DMA (around $0.036) has certainly reinvigorated the charts.
As the technical structure continues to be reinforced by this swing higher, the localized pullback action seen in the markets today may provide a brief respite for GALA indicators.
In fact, the RSI spiked on the recent move north, briefly touching 60 yesterday, a classic overbought sign.
While this could indicate that GALA is overbought, the rapid cooling off on the RSI today coupled with the drop to the downside could soon signal an imminent reversal to bullish moves.
This is a view that is getting some confirmation from the MACD, which shows minor bullish divergence at 0.00019.
Price action here remains hairy, with a bullish target at the 200DMA forming a critical level to rally, this could see GALA unlock a +36.4% move.
However, downside risk remains significant with a drop to the lower trend line of $0.018 firmly on the cards (a possible move to -29.2%).
This leaves GALA facing a risk:reward ratio of 1.24, an unattractive entry, suggesting that it might be too late to buy GALA any time soon.
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