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#GALA
The Gala price has experienced an impressive rally of 90% in the past 48 hours, reaching $0.076.
However, this surge has resulted in about 50% of all Gala holders still sitting in losses, with a considerable portion having bought their supply closer to the all-time high.
Whale addresses holding between 100,000 to 10 million Gala (GALA) have sold over 30 million GALA in the past ten days, indicating profit-taking and potential selling pressure.
This comes as the Market Value to Realized Value (MVRV) ratio for Gala shows an 88% profit for recent investors, reaching a level historically associated with significant corrections.
The historical pattern suggests that when the MVRV climbs above 34%, substantial corrections often occur.
Given that Gala is far above this threshold, there is a higher probability of profit-taking leading to a potential correction.
In terms of Gala price prediction, there is a chance of correction with signs already visible in the form of red candlesticks on the daily timeframe.
If selling by whales continues, a drawdown to $0.06 could be expected, wiping out a portion of the recent gains.
However, if investors hold off selling, anticipating further increases, Gala may find support around $0.072.
This could provide the token with the momentum to breach the $0.0845 resistance level, potentially leading to a rally towards $0.10 and invalidating the bearish thesis.
#HotTrends #PYTH #Launchpool #link
The Gala price has experienced an impressive rally of 90% in the past 48 hours, reaching $0.076.
However, this surge has resulted in about 50% of all Gala holders still sitting in losses, with a considerable portion having bought their supply closer to the all-time high.
Whale addresses holding between 100,000 to 10 million Gala (GALA) have sold over 30 million GALA in the past ten days, indicating profit-taking and potential selling pressure.
This comes as the Market Value to Realized Value (MVRV) ratio for Gala shows an 88% profit for recent investors, reaching a level historically associated with significant corrections.
The historical pattern suggests that when the MVRV climbs above 34%, substantial corrections often occur.
Given that Gala is far above this threshold, there is a higher probability of profit-taking leading to a potential correction.
In terms of Gala price prediction, there is a chance of correction with signs already visible in the form of red candlesticks on the daily timeframe.
If selling by whales continues, a drawdown to $0.06 could be expected, wiping out a portion of the recent gains.
However, if investors hold off selling, anticipating further increases, Gala may find support around $0.072.
This could provide the token with the momentum to breach the $0.0845 resistance level, potentially leading to a rally towards $0.10 and invalidating the bearish thesis.
#HotTrends #PYTH #Launchpool #link
Aviso legal: Se incluyen opiniones de terceros. Esto no representa una asesoría financiera. Puede haber contenido patrocinado. Lee los TyC.
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