The Gala price has lost momentum after it staged a major rally in November. The token is trading at $0.4940, which is about 42% below its highest level on record. Its total market capitalization has crashed to more than $3.45 billion.
Gala is the native token for the Gala Games ecosystem. This is a fast-growing ecosystem that is in the play-to-earn ecosystem. Through the network, people can play games and be rewarded for doing so. It is at the intersection of gaming, non-fungible tokens (NFT), and the metaverse.
Therefore, the Gala price jumped sharply in the past few months as the ecosystem continued growing. It now has millions of monthly users who enjoy the ability to earn while playing. It also rallied because of the upcoming launch of the GalaChain network. This network will solve some key challenges, including by reducing the fees charged within the network.
The daily chart shows that the Gala price jumped sharply in November. It rose by more than 1,000% from the lowest level in October to the highest point in November. Recently, however, the coin has lost momentum and erased about 50% of its value. It has also moved slightly below the 25-day moving average.
At the same time, Gala has formed a triangle pattern that is shown in black. Now, with this triangle nearing its confluence zone, there is a likelihood that the price will have a breakout in the coming days. I believe that this breakout will be bullish, as investors target the key resistance level at $0.60. On the flip side, a drop below $0.45 will invalidate the bullish view.
This post was last modified on %s = human-readable time difference 05:11