Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

GALA PRICE ANALYSIS & PREDICTION (December 21) – Gala Posts 35% Loss Weekly Amid Market Crackdown, Yet To Locate Support

Facing a rejection this month, Gala initiated a drop and rolled back to a month low following the latest meltdown. It currently appeared bearish on the day with no sign of halting correction at the time of writing. In the first week, Gala advanced bullish rally but later faced rejection after registering over 100% gain in November. This rejection led to a halt in the rally and the price traded calmly for the rest of that week. Earlier last week, it lost grip above the $0.06 level and nosedived into $0.04. The price recovered briefly from there and later stopped buying at $0.055 due to a rejection. It remains indecisive for three days and broke down steadily until it tested $0.032 today for the first time in a month. The price is approaching the $0.03 level that flipped during last month’s rally. Locating support above this key level could fuel a new buy order capable of bringing the bulls back on track. As of now, the bears are still in charge of the market on the daily scale. While the latest price correction is healthy for the market, we can expect a bounce back anytime soon. A deeper correction from the current price level could reset the market back to the $0.02 level before rising back. It is currently down 36% in the past week of trading. Gala’s Key Level To Watch Source: Tradingview As today turns out more volatile, the bears are now approaching $0.031. If they reclaim it, the $0.0263 support would be their next target. Lower supports considered for drops are $0.0216 and $0.017. Pushing back above the $0.0405 level, there’s a minor resistance at the $0.048 level. Reclaiming the $0.055 level could trigger a full recovery to the monthly $0.065 high before exploding to a new high. Key Resistance Levels: $0.0405, $0.055, $0.0666 Key Support Levels: $0.031, $0.0263, $0.0216 Spot Price: $0.0326 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! The Coin Rise

---

Bitcoin Drops Below $98K—Is This the Perfect Buying Opportunity for Investors?

Bitcoin, the leading cryptocurrency by market capitalization, has recently experienced a significant and sudden price correction, sparking debate among investors. Concerns have surfaced about whether this downturn signals the conclusion of the current bull cycle or merely represents a temporary setback. While short-term holders face losses, long-term metrics provide a broader perspective on Bitcoin’s trajectory, as analyzed by CryptoQuant’s Avocado Onchain in a recent report. Related Reading: As Bitcoin Reclaims $100,000, Warning Signs Emerge from Long-Term Investors Opportunity Or End of The Bull Cycle? According to Avocado Onchain, the realized price for investors who entered the market during Bitcoin’s recent peak at $98,000 places them in a loss-making position. However, for those who invested between one to three months ago, the realized price is significantly lower at $71,000, offering a cushion against the current correction. Avocado pointed out that historical patterns from Bitcoin’s 2021 bull cycle reveal similar alternations between record highs and sharp corrections, suggesting that these dips may not necessarily indicate the end of the cycle. Instead, they have historically been “opportunities” for market rebalancing and subsequent growth. A key indicator analyzed is the 30-day moving average of the short-term SOPR (Spent Output Profit Ratio). This metric tracks whether recent market participants are selling at a profit or a loss. The current SOPR data reveals that recent short-term inflows into Bitcoin have yet to result in substantial profit-taking. Unlike previous cycle peaks characterized by aggressive selling, the ongoing correction appears subdued, indicating that the market may still have room for upward movement. Bitcoin Short-Term Dips vs. Long-Term Trends Additionally, Avocado Onchain highlights the importance of distinguishing between short-term corrections and broader cycle trends. Bitcoin’s tendency to rebound after corrections in past bull cycles reinforces the notion that the current downturn might not mark the cycle’s end. These insights align with the behaviour of long-term holders, who often use corrections to consolidate their positions, strengthening market resilience. Related Reading: Is The Bitcoin Top In For This Cycle? On-Chain Signals You Need To Know Avocado concluded the analysis, noting: For investors who have yet to enter the market, this may be an excellent opportunity to buy Bitcoin at a discount. Instead of succumbing to panic selling during short-term downturns, adopting a long-term perspective and a dollar-cost averaging (DCA) strategy could be a more effective approach. At the time of writing, Bitcoin is seeing a gradual rebound in its price surging by 1.3% in the past 1 hour. Regardless, the asset still appears to be overshadowed by the bears as BTC remains down by 3.5% in the past day and 10.5% from its peak of $108,135 recorded last week. Featured image created with DALL-E, Chart from TradingView The Coin Rise