Gala crypto price has been in a downward spiral for the last few weeks. The native asset of the Gala Games ecosystem is currently trading at $0.023, which is 97.19% below its all-time high. The downtrend in the Web 3 gaming tokens can be attributed to the lack of development in the sector.
On Thursday, altcoins are once again showing a negative price action as BTC price depicted very low volatility. The prolonged sideways price action of the biggest cryptocurrency has sent altcoins to their fresh monthly lows. Gala Games also slid by 0.56% during today’s trading session.
According to the latest Gala Games news, the project has gifted Gala Gold Members legendary hero Aurum by introducing it in Dragon Strike. The hero comes with all new Molten Gilding skill and could melt opponent with one single target damage. In other news, web3 gaming platform Elixir has onboarded Galal Games.
The current Gala crypto price puts it at a market capitalization of $580 million. This makes it the 77th biggest cryptocurrency in the world in terms of market cap. Unlike other web3 gaming projects, Gala Games has shown a significant development in the ongoing crypto bear market.
As evident from the following GALA chart, the coin has been constantly making lower highs and lower lows since its peak in January. During this time the price has respected a downward trendline which is visible on the chart below. So far, there are no signs of any major reversal.
Gala crypto price prediction will remain bearish as long as it trades below this trendline. It is better to wait for a breakout than catching a falling knife. A breakout from the trendline along with a higher high on the daily chart would be a proper bullish reversal signal.
In the meantime, I’ll keep sharing updated GALA coin analysis and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Aug 03, 2023, 12:31 BST 12:31