Gala crypto price has been in a steep sell-off this year as gaming tokens recoil. It was trading at $0.036 on Tuesday, which was close to its lowest level this year. As such, it has plummeted by almost 90% this year, bringing its market cap to about $253 million.
Gala Games is a company that was established by a co-founder of Zynga, a company that was recently acquired for over $12 billion by Take Two Interactive. The firm is hoping to change the gaming industry by using the blockchain industry.
Gala Games has several titles in its platform, with most of them being in development. They include games like Spider Tanks, Townstar, and Town Crush. Those in development include the likes of The Walking Dead, Legends Reborn, Mirandus, and Last Expedition among others.
Gala Games is the biggest gaming-focused blockchain project in the world. However, like other gaming companies, the number of daily active users has dropped this year. For one, the price of its utility token has continued dropping. At the same time, most people have gone back to work after the Covid lockdowns. At its peak, Gala had over 1.5 million active users.
Still, there are two main possible catalysts for the Gala crypto price. First, many of its gaming titles are currently in development. As such, the network will likely see more users when these games are launched.
Second, Gala Games will launch Spider Tanks on October 31st. This is a major thing since Spider Tanks is one of the leading games in its ecosystem. Another catalyst is that Gala developers are working on Gala Chain, which will reduce network costs.
The daily chart shows that the Gala crypto price has been in a strong bearish trend in the past few months. In this period, it managed to move below the important support level at $0.043, which was the lowest level on July 13. Silver has also crashed below the 25-day and 50-day volume-weighted moving averages. Its volume has also remained under pressure.
Therefore, Gala price will likely continue falling as sellers target the next key support level at $0.0030. A move above the resistance point at $0.04 will invalidate the bearish view.
This post was last modified on Oct 18, 2022, 04:47 BST 04:47