Can GALA Price Explode 160% by Mid-2024?

NAIROBI (Coinchapter.com) – GALA’s price could explode later this year based on price movement that has formed a bull pennant pattern on the 1-day price chart. This bull pennant suggests a 160% price increase could unfold if the pattern completes as typical examples suggest. The price consolidated between converging trendlines since its early 2024 surge. Breakouts from such patterns usually result in moves similar to the height of the previous uptrend, projected from the point of breakout.

GALA price chart. Source: CoinMarkertCap

As of April 3, 2024, the GALA token trades at $0.05686 with a 7-day decrease of 16.58%. Despite recent declines, its market capitalization stands strong at $1,686,000,936, ranking 64th in the market. A slight reduction of 24-hour trading volume to $149,697,203 does not overshadow its robust volume-to-market cap ratio.

Underlying Strengths Support Potential Growth

GALA’s price movement has formed a bull pennant pattern on the charts, drawing attention in trading circles. The formation typically indicates a continuation of an upward trend following a brief consolidation. The 50-day exponential moving average (EMA) lies above the 200-day EMA, reinforcing bullish sentiment.

GALA 1-day price chart. Source: TradingView

The Relative Strength Index (RSI) sits at 46.83, suggesting that GALA is neither overbought nor oversold at this point. Traders often regard such an RSI level as a neutral signal, giving room for price movements in either direction. However, with the bull pennant in play and the halving event on the horizon, the potential for the GALA price to explode is present.

Recent Developments Fuel GALA Price Rise

Several recent developments are likely contributing to the bullish sentiment around GALA. First, Gala Games announced a partnership with Staynex, a next-generation travel platform that will leverage the Gala chain for a seamless travel experience. This partnership could bring new users to the Gala ecosystem and increase demand for GALA.

GALA Partnership with Staynex. Source: X

Second, the upcoming Bitcoin halving event in two weeks could serve as a supportive bullish catalyst for GALA and the broader crypto market. Historically, halving events have led to positive price action across the crypto sector.

GALA’s current technical configuration, backed by on-chain data and recent fundamental developments, suggests a possible 160% price surge by mid-2024. However, as the market anticipates the Bitcoin halving and assesses the impact of the Gala-Staynex partnership, traders should seek volume-backed confirmation before committing to positions. In the fast-paced and unpredictable crypto market, prudence and informed decision-making remain as critical as ever.

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