Updated:
Source: Sam Cooling x Ractapopulous
Gala Games (GALA) continues to bear the brunt of a legal dispute between its co-founders,
Ethan Hunt
and
Mark Bishop
. The feud has sent GALA spiraling -32%. It is alleged that
Bishop
illicitly acquired approximately $130 million worth of GALA tokens tied to the Gala Games ecosystem.
Bishop’s
counter-claim alleges that
Hunt
diverted Gala’s funds for personal use and established Gala-related entities in Switzerland and Dubai, positioning himself as the controlling shareholder to pursue his own business interests.
In a recent development, the allegedly stolen assets have been frozen and secured pending the case’s outcome. This has given some $GALA token holders hope for a respite from the free-fall as the risk to the ecosystem diminishes.
GALA Price Analysis: Grim Outlook Amidst Legal Storm
As the price action continues to set new lows, Gala Games trades at a market price of $0. 013, down -2. 59% over 24 hours. This comes after a failed +10. 8% bounce from support at $0. 01375 on September 13. Price action is trading significantly below the descending 20DMA, at $0. 015, which has acted as a barrier to upside movements for 59 days.
The 200DMA, currently at $0. 028, remains high above the price, reflecting the bleak price action of the past few months. GALA’s indicators provide some relief for token holders, with the RSI at 25. 70, indicating an oversold signal. However, the legal dispute may keep the RSI in an oversold position for an extended period.
The MACD also offers a glimmer of hope, with a minor bullish divergence at 0. 00009. Overall, GALA’s price action remains in a dire state, with cascading declines creating new lows. Given the ongoing dispute, further downside action is likely unless GALA can reclaim the 20DMA.
Upside Prospects Limited, Downside Risks Persistent
Upside movement is capped by the 20DMA resistance at $0. 015 (a potential +10. 95%). While downside risks persist, a tumble to lower trendline support at $0. 0123 is likely (a potential 9. 02%). This leaves GALA with a risk: reward profile of 1. 21, indicating a risky entry overshadowed by severe fundamental weakness.
Smart Money Rotates to Emerging Bitcoin Derivatives Presale
Amidst the despair for GALA holders, astute investors are capitalizing on a lucrative opportunity in the emerging Bitcoin derivatives presale market.
Introducing Bitcoin BSC: A New Era of Bitcoin Staking On-Chain
The Blockchain Summer has seen a surge in Bitcoin off-shoot projects. Bitcoin BSC is one such project that has garnered significant attention with over $4 million raised. Bitcoin BSC preserves Bitcoin’s celebrated tokenomics, including its 21 million token cap, while also offering enhancements to address its challenges.
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Staking on Bitcoin: Proof of Stake Revolutionizes for Holders
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Seize the Moment: BTCBSC Presale Surpasses $3 Million in First Week
The Bitcoin BSC presale offers a limited-time opportunity to acquire 29% of the total token supply at a compelling price of $0. 99 per token. Comparing this to Bitcoin’s 2011 price provides a historical perspective on BTCBSC’s potential. With liquidity already secured via Unicrypt and an upcoming launch on PancakeSwap, the prospects for Bitcoin BSC are promising.
Bitcoin BSC’s strategic staking model sets it apart from other Bitcoin derivatives like BCH and BTC20. The project combines advanced features with the legacy of Bitcoin, making it an exceptional investment opportunity.