GALA Share Price Rises 7.5% Despite the Bear Market
The price chart shows that the GALA token has been in a strong downtrend over the past few days. During this period, the price has fallen by more than 30% as the sentiment in the industry has generally deteriorated. The lines of the moving averages of the last 25 and 50 days have formed a bearish crossover pattern, while GALA price remains below the important resistance at $0.048.
The price of the altcoin GALA rebounded on Monday, while most other cryptocurrencies moved sideways or fell a few points. The native token of the P2E ecosystem is currently trading at $0.039.
This brings the price increase in the last 24 hours to about 7.5%. But since the peak in February, the coin has fallen by almost 40%. Its market capitalization is $273 million.
If you want to find more details about the Gala share price and to read the most important financial news of the day, download for free the Born2Invest mobile app.
Gala Games ecosystem is growing
Gala Games is one of the biggest players in the play-to-earn (P2E) space. It is a platform where you can play and earn rewards in crypto for doing so. Most of the games in the ecosystem are still in development, but some of them have already been released. These include Mirandus, Spider Tanks, and Town Crash, among others.
Analysts expect blockchain games to continue to perform well in the coming months. Most of this growth will come from Asian countries such as South Korea and Japan. Some Chinese companies are also developing P2E games.
If the concept of play-to-earn catches on in the long term, Gala Games has all the ingredients to become a leading player in this sector. For example, the company has the necessary expertise, as its founder was part of the Zynga team. The mobile games developer was acquired by Take Two Interactive for $11 billion.
Moreover, the Gala Games has many active blockchain developers who are continuously building games for the ecosystem. There are currently dozens of games in development. In addition, its own blockchain is also said to be under development right now, which will increase speed and reduce transaction costs.
In the future, it should be possible to play most of Gala’s games on mobile platforms such as Android and iOS. These actions will make the ecosystem more robust and available to billions of people around the world.
On-chain metrics show that the number of Gala token holders has increased in recent days. There are now over 212,000 of them, while the number of transfers has increased to over 1.99 million. Other metrics we the number of unique holders, the average transfer amount and the number of unique senders have remained stable.
Gala Price Forecast
The price chart shows that the GALA token has been in a strong downtrend over the past few days. During this period, the price has fallen by more than 30% as the sentiment in the industry has generally deteriorated. The lines of the moving averages of the last 25 and 50 days have formed a bearish crossover pattern, while GALA price remains below the important resistance at $0.048, which was the highest point on October 30.
Therefore, the price of Gala is likely to fall further as sellers target the important support at $0.03. This is about 23% below the current level.
(Featured image by sergeitokmakov via Pixabay)
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First published in CRYPTOMONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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