After the gloomy days of the bear market, we have transitioned into the exciting period of the bull market, and prices are rising exponentially. GALA Coin doubled its price in just 2 days. Many altcoins have appreciated more than threefold in the last month. However, we know that in the world of cryptocurrencies, there are no perpetual rises or falls. So, what is the latest situation on the GALA Coin front?
Should You Buy GALA Coin?
GALA Coin’s price recently surged to $0.088, which was a dream considering last year’s prices. Nearly 50% of investors are in a profitable position, and the latest bearish candle suggests their patience may be running thin.
For all investors to become profitable, the price needs to increase by 7.5 times, and current profitable investors are advised that resistance levels may become more challenging at higher levels. Moreover, whale movements indicate that profit-taking has already begun.
Addresses holding between 100,000 and 10 million GALA sold over 30 million tokens within ten days. As the rally gained momentum, investors trying to jump on the bandwagon due to the excitement of BTC‘s rise began to accumulate the assets sold by these whales, and a rapid price drop could trigger major sell-offs.
Additionally, the MVRV ratio, which is the Market Value to Realized Value, is also in the peak region of November 2021. This indicates that a significant portion of investors could be profitable if they sell within a 30-day period. 88% of those who purchased in the last 30 days are profitable, and it could be a matter of time before we see how eager they are to cash in on their GALA Coin gains.
GALA Coin Price Prediction
Historical models suggest that when the MVRV ratio exceeds 34%, price corrections occur, and this is a dangerous zone. There is a high chance of a correction in GALA’s price. Signs indicate that if the selling momentum noted in the daily timeframe continues, the price could fall to $0.06.
However, if buyers remain strong and can keep the price above $0.072, we could see the price climb to $0.1 with closures above the $0.0845 resistance level. And of course, cryptocurrencies are full of surprises.
