This report provides insights and analysis for the Futures market, exclusively designed for you with the focus on understanding short-selling strategies.
Ticker: GALA
Category: Gaming
Market Cap: $268,626,292
Circulating Supply: 6,977,205,436
Total Supply: 35,240,112,493
Update: GALA is the core utility token for Gala Games. It is the main token with which NFT items can be purchased. It’s price at the time of writing (25th April, 16:30) is $0.03843 with 24-hour trading volume of $119,865,230. GALA price is down by 2.7% in the last 24 hours.
Technical Analysis: Gala (GALA)
Source: Tradingview
With Reference to above Chart:
- GALA experienced a 300% rally in January 2023, but has since been correcting.
- The chart shows a 1-2-3-4-5 pattern of the Elliot wave principle during the rally, followed by an ABC wave correction.
- The first wave down (A wave) was retraced upside by B for 0.618 fib levels.
- GALA recently formed a Double Top bearish pattern at $0.050 and found support at $0.039.
- If the support at $0.039 is broken, GALA is expected to move downwards heavily.
- For Swing Short Trading strategy, a short position can be assessed between $0.0417-$0.0387, with invalidation above $0.0422.
- On the downside, one can see 12-15% fall towards $0.035 which is coinciding with 0.618 fib levels of Jan’23 uptrend.
- In order to cope with the ongoing bearish trend, it is advisable to maintain a 1:3 risk to reward ratio and limit the use of leverage and position size. A longer time horizon may be necessary to ride out the current market conditions.
Note: GALA is now available in the futures market in both Go and Pro apps with up to 15x leverage.
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Technical Analysis: Ankr (ANKR)
Ticker: ANKR
Category: Infrastructure
Market Cap: $306,862,275
Circulating Supply: 10,000,000,000
Max Supply: 10,000,000,000
Update: Ankr is a decentralized blockchain infrastructure provider that operates an array of nodes globally distributed across over 50 Proof-of-Stake networks. ANKR price at the time of writing (25th April, 17:00) is $0.03080 with 24-hour trading volume of $27,832,115. ANKR price is down by 2.3% in the last 24 hours.
Source: Tradingview
With Reference to above Chart:
- Ankr witnessed a more than 300% increase in value during January 2023, but has since been experiencing corrections.
- The current price of Ankr is supported by a strong zone at $0.031, which coincides with the 200-Day Exponential Moving Average.
- With the general market experiencing a shift towards a flat to bearish momentum, tokens that have previously seen a significant rally are anticipated to undergo substantial corrections.
- For Swing Short Trading strategy, a short position can be assessed between $0.031-$0.033, with invalidation above $0.034.
- On the downside, one can see 8-9% fall towards $0.028 which is coinciding with 0.618 fib levels of previous uptrend.
- In order to cope with the ongoing bearish trend, it is advisable to maintain a 1:3 risk to reward ratio and limit the use of leverage and position size. A longer time horizon may be necessary to ride out the current market conditions.
Note: ANKR is now available in the futures market in both Go and Pro apps with up to 15x leverage.
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Disclaimer:
Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
