Gala crypto price has come under heavy selling recently as demand for the coin continues easing. The token slipped to a low of $0.041, which is close to its year-to-date low of $0.038. It has plummeted by more than 90% this year, making it one of the worst-performing digital currencies. Its market cap has crashed to about $311 million.
Gala is a leading player in the gaming industry. It is a blockchain platform that makes it possible for developers to build decentralized games. People can then play these games and earn rewards as they go up the ladder.
There are many games in Gala’s ecosystem. Some of the most popular games in the ecosystem are Townstar, Superior, and Town Crash. Those in development include The Walking Dead, Legends Reborn, Mirandus, and Legacy among others.
The next key catalyst for the Gala crypto will be the upcoming launch of Spider Tanks, which is set to happen at the end of this month. It is being developed by GAMEDIA, a Netherlands-based gaming company. In it, players will be able to create their unique crawly contender and then battle other people. Almost 25,000 people have participated in its testnet and all players will be rewarded for their effort.
The upcoming launch of Spider Tanks will likely have an impact on Gala crypo price since it will likely lead to more demand. It will also likely lead to more hype in the network.
Still, the biggest challenge for Gala is that demand for online gaming has declined significantly in the past few months as people have gone back to their offices and students to school. This explains why stocks of leading companies in the sector like Unity and Take Two Interactive have all dropped.
The daily chart shows that the GALA price has been in a strong bearish trend. This decline saw it drop below the important support level at $0.044, which was the lowest level on July 13. It has crashed below the 25-day and 50-day moving averages while the MACD has moved below the neutral level.
Therefore, the coin will likely see a pullback in October ahead of the Spider Tanks launch. If this happens, it could bounce back to about $0.050, which is about 20% above the current level. A drop below the support at $0.038 will invalidate the bullish view.
This post was last modified on Oct 06, 2022, 11:01 BST 11:01