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Gala price has remained relatively resilient in the past few weeks. Its price has jumped close to its all-time high as demand for decentralized games rise. The Gala Games token is trading at $0.4500, which is a few points below its all-time high of $0.4810.
There are several industries that are seeing impressive growth within the blockchain technology. In addition to decentralized finance (DeFi), industries like non-fungible tokens (NFT) and games are seeing remarkable growth. This has led to a strong rally of cryptocurrencies like Enjin, Decentraland, and Sandbox.
Gala price has also had a remarkable rally in the past few weeks. For starters, GALA is the native token for Gala Games, which is a platform for decentralized games. The platform enables people to build games and sell non-fungible tokens (NFT). Some of the games in the network are Echoes of Vampires and Spider Tanks.
Therefore, its price has jumped because it is at the intersection of gaming and NFTs. Its market cap has jumped to more than $3.3 billion while its ranking has soared to 60. This means that it could soon become a top 50 coin.
The four-hour chart shows that the Gala token was moving sideways a few weeks ago. This changed recently when its price made a major bullish rebound. This happened as investors started focusing on the metaverse and the field of games. Today, the token’s price is attempting to move to its all-time high.
It has also moved above the 25-day moving average and the key support level at $0.3540. Therefore, a bullish breakout will be confirmed when the price manages to move above the all-time high of $0.4810. If this happens, it will be a sign that the coin will rally above $0.50. This is in line with my previous Gala forecast. A drop below $0.3510 will invalidate this view.
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