A platform that empowers players
Gala Games is a blockchain-based play-to-earn gaming platform that offers players more control over their gaming experiences with straightforward mechanics that are accessible to all. Players truly own the assets they acquire and can trade or use them within the game. This addresses a longstanding issue faced by video game players in traditional gaming systems.
Although Gala Games runs on the Ethereum blockchain, it has also partnered with the Polygon network. The GALA token serves as the utility token within the Gala Games ecosystem, allowing players to exchange it for in-game assets or trade with others.
Additionally, GALA tokens are used to incentivize players, and developers can incorporate GALA tokens and NFTs into their games, expanding the GALA ecosystem. GALA tokens are securely encrypted, giving users full control over their use, but they do not grant any rights to ownership, participation, or claims within Gala Games.
GALA shows significant progress
2023 has been an exceptional year for GALA, with the price of the cryptocurrency soaring from $0.015 to $0.056 within a two-week span. Other cryptocurrencies have also managed to break free from a prolonged bearish trend, but many analysts recommend that investors remain cautious in the coming weeks.
Economists have warned that a global recession may be on the horizon, and traders should be aware that crypto sell-offs could accelerate if Bitcoin dips below $20,000 again. Ki Young Ju, CEO of the cryptocurrency analytics platform CryptoQuant.com, pointed out that macro risks and contagion still loom over the crypto industry, and the increasing number of liquidations and bankruptcies will likely lead to more selling pressure.
Nicholas Merten, a crypto trader and the creator of the DataDash YouTube channel, mentioned that the damage caused by companies like FTX and Celsius, as well as the Three Arrows Capital failure and the LUNA collapse, will leave an enduring scar on the industry.
“I think we need to understand not only how that contagion continues to play out but that it’s playing out in this little micro space within crypto. And when we really step out into the macro perspective, the big-picture view, we really start to see with inflation, global supply chain issues, that crypto is not going to be the leading asset class for some time.”
– Nicholas Merten, DataDash
Price prediction for GALA
GALA’s price has increased more than threefold since January 2023, moving from a low of $0.015 to a high of $0.056. The current price is $0.049, and as long as it stays above $0.040, the trend remains positive, indicating that GALA is still in the BUY-ZONE.
Key support and resistance levels for GALA
In this chart (from June 2022 onward), I have highlighted key support and resistance levels that traders can use to predict price movement. GALA remains in a “buy zone”, and if the price breaks through the resistance at $0.060, the next target could be $0.070.
The primary support level is at $0.040, and if this level is breached, it would signal a “SELL” and could open the path to $0.035. If the price falls below $0.030, which is considered very strong support, the next target could be $0.020 or even lower.
Factors driving the increase in GALA’s price
The start of 2023 has been remarkable for GALA, and if the price rises above the resistance at $0.060, the next target could be $0.070. Despite potential market volatility, traders are accumulating GALA, and technical analysis suggests further upside potential.
Traders should also note that GALA’s price is often correlated with Bitcoin’s price movements. If Bitcoin surpasses $25,000, GALA could also see a price increase.
Risks pointing to a decline in GALA’s value
While GALA has shown strong growth this month, traders must consider the possibility of a price drop back to the levels seen in December 2022. The critical support level for GALA is at $0.040, and if this level is breached, it would be a “SELL” signal, and the price could fall to $0.035.
Сарапшылар мен сарапшылардың пікірлері
GALA saw impressive gains at the beginning of 2023, but the question remains: does it have more bullish momentum? According to technical analysis, GALA still has room for upward movement, and if it surpasses the resistance at $0.060, the next target could be $0.070.
The fundamentals of GALA are closely tied to the broader cryptocurrency market, particularly Bitcoin. Therefore, traders should be aware that GALA’s sell-off may accelerate if Bitcoin drops below the $20,000 threshold again.
Well-known investor Peter Schiff reiterated this week that cryptocurrency investors should consider selling their assets after January’s rally, while Caleb Franzen, a strategist at Cubic Analytics, believes that the upside potential for many cryptocurrencies remains limited for the time being.
Жауапкершіліктен бас тарту: Cryptocurrency is highly volatile and may not be suitable for all investors. Never invest money that you cannot afford to lose. The information provided is for educational purposes only and should not be considered as financial or investment advice.
