GAL Is Under a Systemic Selling Force

Project Galaxy Price Prediction – May 17
Project Galaxy appears to be under a systemic selling force over several hours of sessions this month along the lower bullish trading wall it first came up about. As of writing, the price is trading around $6 at a positive percentage of 4.02.

Project Galaxy (GAL) Price Statistics:
GAL price now – $6.37
GAL market cap – $2.2 million
GAL circulating supply – 35.2 million
GAL total supply – 200 million
Coinmarketcap ranking – #233

Project Galaxy (GAL) Market
Key Levels:
Resistance levels: $7.50, $10, $12.50
Support levels: $5, $3.50, $2

GAL /USD – Daily Chart
The daily chart showcases the Project Galaxy market activity is under a systemic selling force, trading against the market valuation of the US Dollar. A fewer day back, the crypto economy has been downing after reaching a point around the bigger SMA. The 14-day SMA indicator is underneath the 50-day SMA indicator. The Stochastic Oscillators are in the oversold region, moving in a consolidation manner slightly toward the range of 20.

Will the GAL/USD market dump farther to newer support lines soon?

The present trading situation of the GAL/USD market operation suggests the crypto may not go dumping significantly farther for newer support lines as it is currently under a systemic selling force. Another technical closer viewing angle to the current trading condition appears that a range-bound outlook is obtainable between the $7.50 resistance and the $5 support levels. Judging by the reading of the Stochastic Oscillators, momentum to the upside now seems to gather.

On the downside of the technical analysis, the GAL/USD market short-position players needed to be cautious of exerting fresh order while price is yet to get a rejection confirmation around a higher resistant trading zone. An aggressively breaching out of the market at the $7.50 resistance level will mean a warning signal to suspend shorting positions in that face.

IOTA/BTC Price Analysis

In comparison, Project Galaxy has been on the trend of downing, pairing with Bitcoin in the marketplace of cryptos presently. The cryptocurrency pair market is under a systemic selling force as there have been a series of lower lows around the trend lines of the SMAs. The 14-day SMA indicator is closely underneath the 50-day SMA indicator. The Stochastic Oscillators are in the oversold region with their conjoined, swinging over from yesterday until the present. Indecision may play out between the crypto pair for a while.

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