Gala Games price has been recovering from its recent slump, as the meme coin received a boost from the news that its co-founders, Eric Schiermeyer and Wright Thurston, have settled their legal dispute and agreed to work together for the benefit of the project.
The token, which is part of the Gala Games ecosystem, is down 31% in 1 month.
Gala Games Price Weekly Analysis
The weekly chart shows that Gala price has been in a downtrend since January, when it reached a high of $0.0593. The price declined by more than 60% in the following months, reaching a low of $0.011 on September 14. Since then, the price has been trading in a range between $0.011 and $0.017.
The next resistance level for Gala price is at $0.015.
Gala Games Price Daily Chart
GALA is currently trading at $0.0132 with a 24h trading volume of $48mn and market cap of $320mn. The circulating supply stands at 26bn out of a total supply of 50bn tokens.
On Weekly timeframe level the price action of $GALA is consolidating at its Horizontal Support level which is the last key level of it.
Marked out the Candle imbalances between the $0.03687 to $0.03271 level.
We can expect the bullish momentum if the price action bounces back from there and retest above the resistance level.
A daily close below the lower boundary of the channel could confirm a bearish breakdown and trigger a deeper correction. The first target for the bears would be the 50-day SMA, which is currently at $0.014. The second target would be the 200-day SMA, which is currently at $0.012.
Gala Games News Roundup
Some of the latest news stories that could impact Gala price are:
- Gala Games Co-Founders Settle Legal Dispute: Gala Games announced on September 21 that its co-founders, Eric Schiermeyer and Wright Thurston, have settled their legal dispute and agreed to work together for the benefit of the project1. The dispute arose from allegations that Thurston had acquired around $130 million worth of GALA tokens without proper authorization. The settlement news boosted GALA’s price.
- Magic Eden Introduces Cost-Efficient Compressed NFTs on Solana: Magic Eden, a prominent nonfungible token (NFT) marketplace, announced its support for Solana’s compressed NFTs (cNFTs), offering a more scalable and cost-effective alternative for digital collectibles. cNFTs are NFTs that use compression algorithms to reduce their size and gas fees. Magic Eden claims that cNFTs can save up to 99% of storage space and transaction costs compared to regular NFTs.
- Gala Games Partners with Crown Ribbon and Pooled NFT: Gala Games announced two strategic partnerships in the past week, with Crown Ribbon and Pooled NFT. Crown Ribbon is a platform that aims to tokenize the performance horse industry, while Pooled NFT is a platform that allows users to turn any NFT into passive income. These partnerships could expand the use cases and adoption of Gala Games in the real world and the NFT space.
For on-demand analysis of any cryptocurrency, join our Telegram channel.
