GALA Games is one of the leading web 3 platforms for gamings which has seen a huge growth since its inception. It was created by one of the industry leading game developers who came together to bring value back to the players. There are various AAA level games which are designed to give users more freedom and control. GALA Games has distributed over $2.2 Billion rewards to their users and the number is still increasing. It was founded in 2019 by Eric and Zynga. The success of their initial mobile gamings helped them to create this ecosystem.
GALA has seen a huge decline in the value in the past few days due to turmoil in the market. Despite this turmoil GALA has not seen any significant changes in its average transaction size. Meanwhile the daily active addresses of the GALA ecosystem has seen a decline from an average of 2k to 447.
GALA’s overall search trend and social sentiment has also been on a decline. Meanwhile, from the start of MAY 2023 the token has observed an increase in whale accumulation. Gala Games will see a strong adoption among the users in the near future.
Has GALA Price Bulls Given up?
GALA token price has been seeing a bearish trend in weekly technical charts. On the daily chart it is forming strong bearish engulfing candles. GALA price is currently near the value of $0.02 with a small drop in the intraday session. As per fib retracement it is in between 0.786 and 1 fib. The levels near 0.786 Fib can act as a resistance in case of an upside trend. The upside momentum of GALA can see a halt near the value of $0.025, while the support of the asset price can be seen near $0.02. GALA price is trading below the 50 and 100 Daily Moving Averages. If a negative crossover happens then the price can observe a strong downside move in the future.
MACD of GALA price is currently suggesting a bearish trend. The signal line and bars of histograms are also favoring a downside momentum.
Summary
GALA social dominance along with the search volumes has been observing a decline. GALA price is currently in a bearish trend and can see a new high in the future.
Technical Levels
Major Support:$0.02
Major Resistance:$0.025
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/11/gala-price-prediction-gala-price-continues-to-fall-in-a-bearish-trap/