Gala v2 (GALA/USD) Bear Market Gets Turned Back at $0.028
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Early this year, the Gala v2 market saw a very aggressive bull market. The bull market was so strong in January that it had to peak too early in the month. The market peaked at $0.063 on January 28, before the retracement began to set in. Bullish sentiment around $0.036 was able to keep the encroaching supply level at $0.05, and that has remained until the market fell short of the $0.031 support level. The $0.031 was formed between March 10 and March 12, and it was supposed to be the last line of defense for the bulls.
GALA/USD Price Statistics
- GALA/USD Price Now: $0.034
- GALA/USD Market Cap: $237,996,134
- GALA/USD Circulating Supply: 6,977,205,436 GALA
- GALA/USD Total Supply: 35,240,112,493
- GALA/USD CoinMarketCap Ranking: #127
Key Levels
- Resistance: $0.04, $0.05, and $0.06
- Support: $0.02, $0.01, and $0.009
Price Prediction for Gala V2: The Indicators’ Point of View
The increasing selling pressure is forcing the bulls to shift levels. A new demand level has formed at the $0.028 price level, and the market is now bouncing back from here. Today’s market started with a bullish sentiment but is now facing resistance at $0.035. It is possible that the Gala market is falling into a lower price zone due to the bearish pressure. However, the indicators are noting the start of a bullish price recovery. The Relative Strength Index (RSI) measures momentum at the midpoint, just as the price action on the chart just crossed the 20-day moving average.
GALA/USD 4-Hour Chart Outlook: Bears Gather Around $0.035
Scaling down to a 4-hour timeframe, we can see the formation of resistance at the $0.035 price level. The resistance seemed so strong that the market was turned back. However, with the appearance of a plus sign doji candlestick pattern in the third 4-hour session for today, a support level may be forming. If the buyers are able to form the support level, it will put the $0.035 level under pressure and might eventually give way to the bull market.
