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Price action in the GALA/USD market took an upside rebound from an important support level after crossing above that support level. Also, trading indicators support the inference that prices may retrace toward $0.03700. Let’s examine that, shall we?
GALA Analysis Data
Gala Value Now: $0.03490
Gala V2 Market Cap: $234,063,356
Gala V2 Moving Supply: 6,977,205,436
GALA Total Supply: —
Gala V2 CoinMarketCap Ranking: 129
Major Price Levels:
Top: $0.03490, $0.03520, and $0.03570
Base: $0.03460, $0.03430, and $0.03400
.03600 Level In the GALA/USD 4-hour market, another trading session has begun in favor of buyers." width="1260" height="668" data-lazy-src="https://learn2.trade/wp-content/uploads/2023/05/GALAUSD_2023-05-16_22-39-36.png"/>
GALA/USD (Gala V2) May Retrace the $0.03700 Price Mark
In the ongoing session, the price in the Gala V2 market seems to have found support above the $0.03244 price mark. Also, at this point, price action is now above the 9-day Moving average line. Furthermore, according to the Fibonacci Retracement tool, price action still has a significant upside propensity since it has crossed the 61.80 Retracement level. Additionally, the Moving Average Convergence Divergence indicator has also delivered a bullish crossover from below the equilibrium level. On this front, price action seems primed for more upside moves.
.03600 Level In the GALA/USD 4-hour market, another trading session has begun in favor of buyers." width="1260" height="668" data-lazy-src="https://learn2.trade/wp-content/uploads/2023/05/GALAUSD_2023-05-16_22-42-56.png"/>
Gala V2 Price Action Ramps Towards the $0.03600 Level
In the GALA/USD 4-hour market, another trading session has begun in favor of buyers. Via the last price candle, Gala’s price has further increased to $0.03494, as price action continues to soar above the 9-day MA curve. Meanwhile, the MACD curves here have risen above the 0.00 mark. The bars of this indicator are growing taller too, to indicate increasing upside momentum. At this point, traders can anticipate that price action here may retrace the $0.03600 mark soon, and may move upwards from there.
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