In this article we go over what the latest market news is for the Avalanche(AVAX), Gala(GALA) and Shiba Inu(SHIB) crypto projects.
We then see how the respective crypto assets AVAX, GALA and Shiba inu crypto are performing in the market.
All 3 in the past month have seen strong price increases in their dollar countervalue, driven mainly by the recent BTC rally.
In any case, one coin among all of them has stood out for the bullish strength manifested, causing all relative holders to rejoice.
Full details below.
The latest crypto news from the Avalanche, Gala and Shiba Inu projects
Starting with the most relevant news from the crypto world for these 3 projects, we can immediately report the latest news at Avalanche where last week the wstETH cryptographic resource belonging to the Lido ecosystem was brought inside the well-known blockchain with the help of the Layer Zero interoperability platform.
This is a big step forward for the Avalanche universe, which can now count on the presence of one of the most widely used coins in the DeFi context of liquid staking.
This will help attract capital to the crypto network, given the strong use of the cryptocurrency in question on the various applications in the world of decentralized finance.
Lido on the other hand continues its expansion process on the most liquid and used chains on the web3, once again proving its superiority in this area.
Currently it is possible to bridging wstETH on Stargate Finance through Avalanche, Ethereum, Scroll and BNB chains.
Moving to the decentralized Gala gaming ecosystem, it is worth noting the continued work of the decentralized project team, which continues in its goal of becoming a world leader as a web3 gaming ecosystem.
It recently added a new piece to its puzzle by making the game “Legacy” public within its platform.
It is a pastime similar to “The Sims” where users are called upon to simulate running a city, creating buildings and businesses and contributing to the growth of society.
At the moment, after only 4 days since its launch, “Legacy” has had a very strong following from the Gala community.
Finally, speaking of the latest crypto news for Shiba Inu it is worth reporting a small spoiler that the project team announced on X, saying soon a big news will be revealed for the whole community.
We don’t know exactly what it is yet, but from the words used in the social media post we can guess that it will be something about a new platform ( or similar application) dedicated to “unlocking “your unique Shib identity.”
From the video published alongside the post, it appears that a platform for studying advanced analytics of the SHIBA INU ecosystem will be launched, with a special treat dedicated to the topic of cryptographic identity on blockchain.
The launch of this mysterious innovation was accompanied by a giveaway amounting to a counter value of $5,000 in SHIB tokens to all users who liked, commented and retweeted the announcement.
Analysis of AVAX and SHIB crypto prices
Let us now address the issue of price performance for crypto assets AVAX, GALA, and SHIB.
Taking a quick look at the performance over the past month, we see that all 3 coins have seen very good price increases in their dollar countervalue, thanks mainly to the bullish price action of BTC that is growing in anticipation of a possible upcoming SEC approval for a spot ETF in the US.
Going into more detail we can observe an AVAX that is attempting to break through strong resistance positioned at the $12 threshold, where bears could counter the bulls’ rise.
The summer of 2023 was full of red for AVAX but now, should the breakout be confirmed, the currency can try to return to reasonable price levels, likely between $20 and $30 between now and the next 3-6 months.
The road back to the all-time high, set at $147, is still a long one, however given the advances in technology that the project has brought during the past 2 years it is possible that the price action of the asset will surprise all AVAX crypto holders.
In the past 30 days the Avalanche coin is in fact gaining +25.47%, and it could continue in the medium term to record such numbers.
In the short term, there is a need to watch out for the RSI, which is approaching overbought territory and could lend a hand to the bears in fending off bullish forays.
Key levels to watch for: $12 and then $15 as resistance, $9 as support.
As for SHIB we can immediately see that, unlike the Avalanche coin, the summer season has been more sideways than distributional.
Prices in August had experienced a mini-rally, culminating, however, with a later cancellation due to the immaturity of the altcoin market and the uncertainty of the speculative financial markets at that precise time.
Now that the general outlook for the cryptocurrency market is turning more positive, SHIB is struggling to give strong responses by registering a paltry +9.14% over the past month while the rest of the market has performed significantly better.
The memecoin sector in this context is not bearing the fruit that holders were hoping for, with crypto traders looking for more palatable projects ahead of the next altcoin season that may come soon.
Although SHIB may not be the most promising asset of the moment, there is nevertheless reason to note that in the event of a return to the bull market, this coin, as well as DOGE, will likely return to bring excitement to its community.
The next resistance to be broken down in order to continue the bull run is that of $0.000011, while the main support is that of $0.0000060
GALA as one of the most promising crypto assets on the market
Among the 3 crypto assets analyzed, GALA is definitely the most promising at the moment.
In the past month, the decentralized game project coin has recorded a significant +47% in the market, bringing back the hopes of coin holders.
Over the past 2 years, more precisely since November 2021, GALA has gone through a nightmarish bear market that brought the price from $0.84 to the current $0.02.
The high inflation and low utility of the cryptographic asset have been instrumental in pushing its price so low.
Now there is little hope for the project’s supporters that their benchmark token can at least return to $0.1 in the medium term.
It is difficult to predict whether it will return to all-time highs, given that the growth should be really significant.
In any case, we can predict that given the development of its gaming ecosystem, the project is not dead here and still has time to prove its real value.
GALA broke an important resistance at $0.02, closing the last weekly candle above this level.
Unless we observe a major collapse this week, we can guess that in the medium term conditions will be created for a bullish set up.
The next resistance to watch for is the $0.03 level, which separates the currency from a long highway heading to $0.05.
In the short term there is a need to watch out for possible bearish attacks, given and considering the extension of the last movements and an RSI in the overbought zone for several days already.
Main support to be defended: $0.012.
In these situations, volatility could be dangerous to handle if you are a novice trader, hence be very careful not to take significant exposure to high risk assets such as GALA unless after a careful risk management analysis based on your personal financial situation.