GALA’s Partnership with Staynex
Gala Games is a blockchain-powered play-to-earn gaming platform, offering players full ownership of their in-game assets, which are verifiable on the blockchain. Gala Games runs on the Ethereum blockchain, but it also works in partnership with the Polygon network.
This month, Gala entered into a partnership with Staynex, an innovative travel platform. This collaboration integrates Staynex’s travel solutions with GalaChain’s advanced blockchain technology, offering users the ability to book travel services securely and conveniently using Web3-powered payment methods. Staynex’s CEO, Yuen Wong, emphasized that blockchain brings accountability and transparency to the travel industry, creating new opportunities for innovation.
This is a positive development for GALA, which saw a significant price spike in early March 2024, reaching over $0.085. However, since then, GALA’s price has fallen and is currently testing important support levels near $0.040.
Geopolitical Tensions and Market Impact
The broader crypto market, including GALA, continues to be influenced by the sharp drop in Bitcoin’s price below $65,000, driven by increased geopolitical tensions in the Middle East, particularly the conflict between Iran and Israel.
On April 1st, 2024, Iran launched missiles and drones at Israel in response to an alleged Israeli assault. This escalated concerns of a regional conflict, which led to a significant market reaction. Bitcoin saw a rapid decline, falling from around $68,000 to $60,800 before stabilizing at $64,400. The overall market sentiment became more cautious, leading to substantial losses for traders, with Coinglass reporting a $962.40 million loss.
Given Bitcoin’s tendency to influence the price of other cryptocurrencies, GALA also experienced downward pressure, with many crypto analysts predicting a continued bearish trend for Bitcoin, which could further impact GALA’s price in the coming weeks.
Technical Analysis of GALA
Since April 09, 2024, GALA’s price has dropped from $0.069 to $0.033. Currently, it is trading at $0.040. As indicated by the trendline on the chart, as long as GALA’s price remains below this line, a trend reversal seems unlikely, and GALA continues to be in the “SELL” zone.
Key Support and Resistance Levels for GALA
The current support level for GALA stands at $0.040. If this level is breached, it could signal further declines, with the next key support at $0.030. On the upside, a price move above $0.050 could target resistance at $0.060.
Potential for Price Rise in GALA
GALA’s potential for upward movement remains limited in the short term. However, if GALA surpasses $0.050, it could target the $0.060 resistance level. The price of GALA often correlates with Bitcoin, so if Bitcoin experiences a rally and crosses $70,000, it could positively impact GALA’s price, pushing it higher than the current levels.
Indicators for Further Decline in GALA
GALA remains a volatile and risky asset, and the ongoing geopolitical tensions, particularly in the Middle East, continue to influence the cryptocurrency market negatively. If GALA breaks the current support level at $0.040, it could face further declines, with the next support level at $0.030.
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Like many other cryptocurrencies, GALA has been under pressure following Bitcoin’s drop below $65,000, exacerbated by geopolitical tensions. According to Coinglass, $962.40 million was lost in the market, with bullish traders bearing the brunt of the losses. Additionally, Parsec’s data indicated that the DeFi sector saw over $120 million in liquidations, marking a peak for the year.
Many crypto analysts predict that Bitcoin may continue its downward trajectory, which would likely further affect GALA and other cryptocurrencies. Analysts also note that reduced trading activity and slowing inflows into the crypto market could contribute to further downward pressure on GALA’s price in the weeks ahead.
Жауапкершіліктен бас тарту: Cryptocurrency markets are highly volatile and investing in them carries significant risk. Never invest more than you can afford to lose. The information on this site is intended for educational purposes only and should not be considered as financial or investment advice.
