Gala (GALA) managed to break past last week’s consolidation below $0.05 when it entered the weekend with a rush to close Saturday’s trading session with a high of $0.06. The uptrend was sustained through Sunday as bulls led the GALA market.
At the time of writing, GALA price was trading at $0.06, up 5.18% on the day and recording a 24-hour trading volume of $474.9 million. With a live market cap of $$13.2 million, the GALA token ranked #91 on CoinMarketCap.
Gala Games Heats Up For 2023
The Gala Games ecosystem started the year with steam, unleashing news upon news that has sparked excitement within the GALA community.
Something is cooking over here in Games, along with @GoGalaFilms and @GoGalaMusic! Make sure to check it out! Goes into the whole $GALA ecosystem and so much more! https://t.co/ZSYvLkqrJY pic.twitter.com/dxKpFqEylI
— Gala Games (@GoGalaGames) January 28, 2023
Based on a recent announcement, the Gala Games ecosystem developers are working on a collaboration with The Rock for a film production project dubbed GoGalaFilms. The Rock, known as Dwayne Johnson, is among Hollywood’s most popular movie and entertainment stars.
Benefactor said the following, “You’ve seen their work on screen (The Rock and Mark), but I think their presence might be even more powerful off-screen, and we are so happy to get the chance to work with them.” … https://t.co/kb0MvObCDG
— NFT Swiss (@NftSwiss) January 18, 2023
The developers are also working to integrate mobile gaming into the Gala Games ecosystem, which will open the way for developers to create Android and iOS downloadable games. Once this happens, the Gala network will enjoy a broader market as smartphone use is widespread today, with over 5 billion users recorded around the world so far.
👀@GoGalaGames acquired a mobile gaming studio with over 20M users!
More great news and huge changes. Find out more in the article.
Tags: #BlockchainGaming #GalaGames #Web3 #PlayToEarn $GALAhttps://t.co/iup0QuytMY
— eGamers.io – Play to Earn, NFT & Metaverse (@egamers_io) January 6, 2023
The network recently introduced a pay-by-burn mechanism, with Gala developers saying every purchase made in the Gala ecosystem using the GALA token would see the token burned. Token burning, in this case, entails adding a GALA token to an emissions pool. Notably, it would be re-emitted through the Founders Nodes in the normal distribution. According to the developers, burning these tokens would bring more utility to the Gala ecosystem.
They are also working on the Meow Match, which will significantly upgrade the Gala network. The upgrade will be featured in the Gala Platform in Q1 of 2023, during which they will launch Cat NFTs and convert every in-game cat earned to claimable NFTs. The developers also hinted at upgrading the Meow NFTs to use cat NFTs by the second quarter of 2023.
Will GALA Price Make The 19.2% Ascend To $0.07?
Currently, GALA bulls are targeting a 19.2% price increase that would see them tag the $0.07 range high. They attempted a breakout on Saturday, but it was premature after they faced rejection at $0.0636.
The price currently sits on the 50% Fibonacci retracement, which offers support at $0.058. To meet the target, therefore, GALA must retest and break past the hurdle offered by the 38.2%Fibonacci Retracement at $0.0636. A daily candlestick close above this level would give GALA a homerun to the $0.07 target, which coincides with the 23.6% Fibonacci retracement.
GALA/USD Daily Chart
The relative strength index (RSI) at 71 and the moving average convergence divergence (MACD) indicators supported the positive outlook, showing that the GALA market was full of buyers. Notably, the MACD sent a buy signal on Saturday, indicated by the blue line crossing above the signal line (orange).
GALA price still has room for the upside, but this depends on whether buyers can increase their buying pressure past the current levels and overpower the urge to book premature profits.
On the downside, if buying momentum drops and sellers take advantage of the bull’s burnout, the GALA price may reduce past current levels. Bulls would have one chance to recover at the 61.8% Fibonacci retracement at $0.05.
However, an increase in selling pressure could see bears overpower bulls and pull the price lower towards the 78.6% Fibonacci retracement at $0.0445 and, in extreme cases, lower to the $0.0344 support floor. With the RSI indicator moving in the overbought region, the GALA price may be on the brink of a downward correction as buying pressure eases.
Investors should therefore switch their attention to other projects with strong fundamentals that make them most likely to thrive in 2023. Fight Out is the first one in mind, a move-to-earn (M2E) project that rewards participants for their achievements working out. Its native token FGHT is currently in presale with the team having raised $3.52 million
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