By Adam Smith
October 19, 2023
GALA’s Recent Struggles
The past month has been a tumultuous one for GALA, the native token of the blockchain-based gaming platform Gala Games. The token has plummeted by 32%, and it is currently trading at $0.01322310.
There are several factors that have contributed to GALA’s recent decline. One factor is the acrimonious legal battle between Gala Games’ two co-founders, Eric Schiermeyer and Wright Thurston. The dispute has raised concerns about the future of Gala Games, and it has led to a loss of confidence among investors.
Another factor that has weighed on GALA is the overall weakness in the cryptocurrency market. The market as a whole has declined by 1% in the past 24 hours, and this has had a negative impact on all cryptocurrencies, including GALA.
Technical Analysis
The technical analysis of GALA is bearish. The token’s relative strength index (RSI) has dropped below 30, which indicates that it is oversold. The 30-day moving average (MA) is also below the 200-day MA, which is another bearish sign.
The medium-term support level for GALA is at $0.010. If the token falls below this level, it could continue to decline towards $0.000.
Future Outlook
The future outlook for GALA is uncertain. The legal battle between the co-founders is still ongoing, and it is unclear when it will be resolved. The overall cryptocurrency market is also volatile, and it is difficult to predict what will happen in the coming weeks and months.
However, GALA does have some potential catalysts that could lead to a recovery. The platform has a large and active user base, and it has a strong team of developers. If the legal issues can be resolved, and the market rebounds, GALA could have a strong future.
Alternative Altcoins
If you are looking for an alternative to GALA, there are several other altcoins that you may want to consider. One option is Bitcoin BSC (BTCBSC). BTCBSC is a new token that provides a stakeable version of Bitcoin. The token has a hard cap of 21 million tokens, and it is currently available during its presale at a price of $0.99.
Another option is to invest in presale tokens. Presale tokens offer a unique opportunity to invest in new projects at a discounted price. Some presale tokens have gone on to generate significant returns for investors.
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Technical Analysis
- RSI is below 30
- 30-day MA is below 200-day MA
- Medium-term support level is at $0.010
Date | GALA Price | % Change |
---|---|---|
October 19, 2023 | $0.01322310 | -7.5% |
October 18, 2023 | $0.01415221 | -6.1% |
October 17, 2023 | $0.01499310 | -5.3% |
Source: TradingView
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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