GALA Technical Analysis: Falling Channel Endangers Buyers At $0.047

GALA prices maintain a declining trend in a falling channel pattern threatening a downfall below the crucial support level of $0.047. The GALA prices revert from the overhead resistance of $0.070 to start the falling channel breaking below the psychological mark of $0.050. Currently, the downtrend endangers the bullish dominance at the $0.047 mark, which may result in a 15% decline. But will the buyers succumb to the increased selling pressure? Key Points: The GALA price action displays the power struggle at the $0.047 support level. The fallout of the $0.047 mark will result in a price drop to the $0.040 support level. The intraday trading volume in GALA is $121 million. Source – TradingView GALA Technical Analysis The GALA price chart displays the buyers falling to exceed the $0.070 supply zone, resulting in a failed inverted head and shoulder pattern. The bullish failure led to a downfall of 30%, which recently took the form of a falling channel pattern. Currently, the buyers form a bullish piercing candle with a 3.20% growth from the $0.047 mark avoiding any further correction. However, the lack of a bullish follow-through candle and any noticeable spike in the trading volume complicates the matter. The GALA prices will hit the bottom support of $0.040, accounting for a decline of 15% if the buyers fail to remain dominant at $0.047. However, if the buyers regain momentum to give a bullish breakout of the falling channel, a...