Headwinds Are Restricting Price Movement in the Gala V2 (GALA) Market

Since price action in the Gala V2 market retreated below the $0.2000 mark in August, it has struggled to exit that region. Price activity has been consolidating, and today’s attempt to rise has met rejection, threatening to keep the market near the $0.1800 price threshold.

GALA Statistics:
Current Gala V2 Price: $0.1844
Gala V2 Market Cap: $640,008,106
GALA Circulating Supply: 34,671,949,671
GALA Total Supply: 36,696,109,807
Gala V2 CoinMarketCap Rank: 91

Key Price Levels:
Resistance: $0.2000, $0.2500, $0.3000
Support: $0.1500, $0.1000, $0.0500

Gala V2 Bears Are On Guard

As noted earlier, the price of the GALA token has remained below the $0.2000 threshold for some time. Additionally, today’s upside attempt has encountered headwinds, driving the price back below several lines of the Guppy Multiple Moving Average (GMMA) indicator.

Despite this, the session remains generally bullish, as indicated by the appearance of the corresponding price candle. However, bearish pressure is evident through the appearance of an upper shadow above the small green candle. Meanwhile, the Stochastic Relative Strength Index (Stochastic RSI) has just delivered a bullish crossover near the 50 mark of the indicator.

GALA Market Maintains Its Position Above a Key Level

Although the ongoing session in the Gala V2 4-hour market has presented a downward retracement, trading activity remains above all the GMMA lines. The current session appears bearish following the previous session’s contraction.

However, the Stochastic RSI indicator is still rising into the overbought region, after aborting a crossover. This aligns with the price action, suggesting that prices may resume their upward retracement toward the $0.2000 price level. Consequently, traders may want to continue using crypto signals targeting that price level.

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