- Gala Games (GALA) price consolidation hints at potential breakout.
- The security breach saw hackers mint 5 billion GALA tokens.
Gala Games (GALA) price has been consolidating, bouncing between $0.05288 and $0.03758 in a Descending Triangle pattern. After hitting its all-time high of $0.08714, GALA has experienced a decline of more than 300%, and this pattern has been a part of that larger bearish trend.
GALA Current Market Position
At the time of writing, GALA was trading at about $0.04503, up 5.04% from the previous day, according to CoinMarketCap data. At 2.09%, this latest increase also represents a bullish position over the previous seven days.
Nevertheless, the price of GALA is still inside the descending triangle, indicating a build-up of momentum that could result in a noteworthy breakout, either upward or downward.
GALA is now trading below the 100-day moving average (SMA) on both the 4-hour and 1-day timeframes. With a trading volume of over $199 million, which has dropped by more than 25% in the last 24 hours, the cryptocurrency asset has a market cap of more than $1.3 billion.
GALA is trading below the 100-day moving average according to a four-hour timeframe analysis, suggesting a recurring bearish trend.
The MACD indicator, which indicates ongoing downward momentum and a general bearish market mood when histograms and lines trend below the MACD zero line, further supports this viewpoint.
Potential Breakout Scenarios
GALA might head for the $0.06899 resistance level if it manages to break out above the falling triangle formation. GALA might climb further higher to test the $0.08714 resistance level if this one is overcome.
GALA may, however, move toward the $0.02041 support level if it breaks below the descending triangle. The price could fall even more to test the $0.01293 support level if this one holds.
Meanwhile, ETHNews has reported on a security incident at Gala Games in which hackers minted and transferred 5 billion GALA tokens, which were worth about $214 million at the time.