GALA makes an over 30% upswing as the crypto market recovers

on Feb 5, 2022
  • GALA has made an over 30% gain during the past 24 hours.
  • The gains coincide with the recovery across the cryptocurrency market.
  • Despite these gains, GALA is still 69.4% below its all-time high.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

As the cryptocurrency market recovers from the bloodbath that happened in January, GALA has put up a strong front, leading the market with its recovery. In January, Gala (GALA/USD) suffered a major downtrend after dropping by around 69.4% from the record-high levels.

In just 24 hours, GALA’s price has gained by 33.3%, with the coin breaking past major resistance levels to trade at $0.253 at the time of writing.

GALA registers a major uptrend

GALA was one of the hardest hot coins during the January bear market. After hitting a record-high of $0.824 on November 2021, the coin dropped to a monthly low of $0.16 on January 24.

GALA is recovering from this persistent downtrend, and during the past 24 hours, it has pushed towards $0.25. The next major resistance for GALA lies at $0.31 and $0.35. if it can break past these levels, buyers can rush in to take advantage of the uptrend, after which GALA could rally to $0.47.

GALA’s uptrend could persist until next month due to developments revolving around the metaverse. A MetaWeek event is expected to happen in Dubai between 7th and 10th March. This event will revolve around topics related to the metaverse, and with GALA being a metaverse coin, buyers can expect another rally.

GALA’s volatility is high

The volatility of GALA has been significantly high during the past month, and this could continue to persist. The current gains will most likely be sustained if there is support from the broader cryptocurrency market. If this support fails, GALA could be headed towards notable declines. In case of a slip, GALA will test the next immediate resistance at $0.22.

If the bears push the token to below $0.20, GALA will drop towards the monthly lows of $0.18. Currently, the market is rallying because of short-term buyers rushing to leverage the price gains that have occurred in such a short time. If these buyers start dumping in case of a slight dip, it will erase GALA’s gains.