GALA Price Prediction As Gala Games Hits Up For 2023

Join Our Telegram channel to stay up to date on breaking news coverage

Gala (GALA) managed to break past last week’s consolidation below $0.05 when it entered the weekend with a rush to close Saturday’s trading session with a high of $0.06. The uptrend was sustained through Sunday as bulls led the GALA market.

At the time of writing, GALA price was trading at $0.06, up 5.18% on the day and recording a 24-hour trading volume of $474.9 million. With a live market cap of $$13.2 million, the GALA token ranked #91 on CoinMarketCap.

Gala Games Heats Up For 2023

The Gala Games ecosystem started the year with steam, unleashing news upon news that has sparked excitement within the GALA community.

Based on a recent announcement, the Gala Games ecosystem developers are working on a collaboration with The Rock for a film production project dubbed GoGalaFilms. The Rock, known as Dwayne Johnson, is among Hollywood’s most popular movie and entertainment stars.

The developers are also working to integrate mobile gaming into the Gala Games ecosystem, which will open the way for developers to create Android and iOS downloadable games. Once this happens, the Gala network will enjoy a broader market as smartphone use is widespread today, with over 5 billion users recorded around the world so far.

The network recently introduced a pay-by-burn mechanism, with Gala developers saying every purchase made in the Gala ecosystem using the GALA token would see the token burned. Token burning, in this case, entails adding a GALA token to an emissions pool. Notably, it would be re-emitted through the Founders Nodes in the normal distribution. According to the developers, burning these tokens would bring more utility to the Gala ecosystem.

They are also working on the Meow Match, which will significantly upgrade the Gala network. The upgrade will be featured in the Gala Platform in Q1 of 2023, during which they will launch Cat NFTs and convert every in-game cat earned to claimable NFTs. The developers also hinted at upgrading the Meow NFTs to use cat NFTs by the second quarter of 2023.

Will GALA Price Make The 19.2% Ascend To $0.07?

Currently, GALA bulls are targeting a 19.2% price increase that would see them tag the $0.07 range high. They attempted a breakout on Saturday, but it was premature after they faced rejection at $0.0636.

The price currently sits on the 50% Fibonacci retracement, which offers support at $0.058. To meet the target, therefore, GALA must retest and break past the hurdle offered by the 38.2%Fibonacci Retracement at $0.0636. A daily candlestick close above this level would give GALA a homerun to the $0.07 target, which coincides with the 23.6% Fibonacci retracement.

GALA/USD Daily Chart

GALA Price Chart - Jan 29
TradingView Chart: GALA/USD

The relative strength index (RSI) at 71 and the moving average convergence divergence (MACD) indicators supported the positive outlook, showing that the GALA market was full of buyers. Notably, the MACD sent a buy signal on Saturday, indicated by the blue line crossing above the signal line (orange).

GALA price still has room for the upside, but this depends on whether buyers can increase their buying pressure past the current levels and overpower the urge to book premature profits.

On the downside, if buying momentum drops and sellers take advantage of the bull’s burnout, the GALA price may reduce past current levels. Bulls would have one chance to recover at the 61.8% Fibonacci retracement at $0.05.

However, an increase in selling pressure could see bears overpower bulls and pull the price lower towards the 78.6% Fibonacci retracement at $0.0445 and, in extreme cases, lower to the $0.0344 support floor. With the RSI indicator moving in the overbought region, the GALA price may be on the brink of a downward correction as buying pressure eases.

Investors should therefore switch their attention to other projects with strong fundamentals that make them most likely to thrive in 2023. Fight Out is the first one in mind, a move-to-earn (M2E) project that rewards participants for their achievements working out. Its native token FGHT is currently in presale with the team having raised $3.52 million

Related News

  •  Will Jim Cramer’s Bitcoin Price Prediction Be Wrong Again?
  • Trader Predicts This New Play to Earn Crypto Game Could Be the Next Decentraland or The Sandbox
  • The Best Metaverse Casinos of 2023 – Metaverse Gambling Platforms

Fight Out (FGHT) - Newest Move to Earn Project

Rating

FightOut token
  • CertiK audited & CoinSniper KYC Verified
  • Early Stage Presale Live Now
  • Earn Free Crypto & Meet Fitness Goals
  • LBank Labs Project
  • Partnered with Transak, Block Media
  • Staking Rewards & Bonuses
FightOut token
Learn More

Join Our Telegram channel to stay up to date on breaking news coverage

Comments

Post a Comment

Popular posts from this blog

Here’s how big food and beverage brands are using NFTs: Report

Image
The key supporting factors for the market are the adoption of blockchain technology and the demand for NFTs for transparency and traceability in the food industry. Nonfungible tokens (NFT) adoption is picking up steam across the food and beverage industry, with many fast-food chains displaying interest in this new asset class.  A report by ResearchAndMarkets.com states that the global food & beverage NFT market size is expected to reach USD 2,134.04 Million by 2032. These statistics have been evident as recently, Global fast-food brands , including Pizza Hut and Papa John’s, are discovering new ways to integrate NFTs into their marketing strategies.  The report states that the key supporting factors for the market are the adoption of blockchain technology and the demand for NFTs for transparency and traceability in the food industry. Unique ownership opportunities, using NFTs in virtual reality and video games, promotions and advertising from food companies and restaurants are o...
Read more

Strategist Warns Credit Suisse Next to Collapse — Says 'There's a Run on the Bank'

Market strategist Greg Foss has predicted that Credit Suisse will be the next major bank to collapse, citing capital trouble and a run on the bank. The Swiss banking giant has also identified “material weaknesses” in its financial reporting controls. Its shares plunged on Wednesday after the bank failed to raise capital from its largest investor. Credit Suisse Next to Fall, Says Strategist Market strategist Greg Foss warned about the impending collapse of Swiss banking giant Credit Suisse on the Coin Stories podcast, published Tuesday. His warning followed the collapses of several major U.S. banks, including Silicon Valley Bank and Signature Bank. Foss is currently executive director at Validus Power Corp. He was a founding shareholder of 3iQ Corp. and previously held the role of senior portfolio manager with a focus on credit strategies at Fiera Quantum. He was also a managing partner for credit strategies at both GMP Investment Management and Marret Asset Management, an...
Read more

Tax Authorities Of Argentina Check Bitcoin Wallets For Unpaid Taxes As Inflation Hits Max

Image
Mar 21, 2023 at 08:12 // News Author Nina Lyon An annual inflation rate of 100% is prompting Argentines to increasingly opt for cryptocurrencies. Bitcoin becoming a haven for Argentines The latest data points out that Argentina's annual inflation rate surpassed 100% in February 2023, reaching the highest level since the country's hyperinflation in 1991. Bitcoin and other cryptocurrencies have become a haven for Argentines trying to save their assets. However, Argentina's Federal Public Revenue Administration (AFIP) points out th...
Read more