Gala V2 (GALA) Maintains a Largely Subdued Outlook

The crypto market, in general, has been struggling to pick up momentum even after the Bitcoin halving, which is a major indicator of a bull market. However, the Gala V2 token has recorded a price increase of 2.35%, yet price activity in this market isn’t that encouraging.

Gala V2 Statistics:
Current GALA Price: $0.01769
Gala V2 Market Cap: $594,837,769
GALA Circulating Supply: 34,228,095,769
Total Supply of Gala V2: 36,252,255,905  GALA CoinMarketCap Rank: 89

Key Price Levels:
Resistance: $0.01800, $0.01900, $0.02000
Support: $0.01700, $0.01600, $0.01500

Gala V2 Price Action Still Looks Bearish Despite Increases

Price action in the GALA 24-hour market has seen only minimal price increases, as stated above. Yet, its price remains below all the Guppy Multiple Moving Average (GMMA) lines.

Additionally, the Stochastic Relative Strength Index (Stochastic RSI) lines have fallen deep into the oversold region, although the indicator has delivered a bullish crossover there. It is worth noting that the lines of this indicator are quite close to each other, indicating low price volatility. This suggests that price action may face difficulty retracing higher price levels.

The GALA Market Is Trying to Retain an Upside Focus

Price activity in the Gala V2 daily market on the 4-hour chart has risen past all the green sets of GMMA lines. However, the ongoing session is bearish, as indicated by the appearance of the last price candle. Nonetheless, price action now sits above the green set of GMMA lines, which may act as support.

Meanwhile, the Stochastic RSI lines are still trending upward, moving above the 50 mark of the indicator. Traders may want to wait until upside forces trigger a rebound off the observed support level before speculating and using crypto signals targeting the $0.01900 threshold, as the market still has bearish potential.

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