Gala Games ($GALA), , a GameFi stalwart, has seen its price take a nosedive, losing 75% since spring. Yet, like a phoenix, it’s rising past the 20-day average, with ambitions set on the 200-day line, challenging the market’s narrative.
However, GALA’s nosedive—down 75% since April—still has many investors thinking that bears are running the show.
I'm short on $GALA
We are in a trading range and the price has broken the trend. My TPs are the blue lines 👉 pic.twitter.com/OmhRqZJ1T0— Parsa Berah (@ParsaBerah) August 22, 2024
Trading near its all-time low at .0198 sellers have had their way since March with Gala Games, tightening their hold on the market.
Now, with the company issuing a threat of scammer plaguing their discord and Telegram servers, is there any hope for this coin?
Scam Warnings in the Gala Games Community
Gala Games is sounding the alarm that their Discord and Telegram channels, once buzzing in 2022 and 23, are now rife with scams and bots. These platforms, popular for hosting vibrant communities, have become prime targets for scammers posing as legitimate members or authority figures.
“Scammers exploit these platforms by embedding themselves within groups, often posing as regular members or even authority figures.” – Gala
Gala Games advises community members to adjust privacy settings on these platforms to reduce exposure to potential scams, highlighting the importance of balancing trust with caution.
Meanwhile, the technical analysis for Gala isn’t looking much better than their social media breeches.
Technical Analysis: Patterns and Predictions For $Gala
The GALA price has been navigating a descending trendline resistance, causing it to defend the main support level of $0.0150 multiple times. However, it now approaches a crucial breakout point, as the current chart structure indicates.
$Gala looking interesting again. pic.twitter.com/cq8E5Hkx3t
— DoZil (@Dozzer29081) August 21, 2024
GALA’s forming a falling wedge, a potential launchpad for a breakout that could drive prices toward the 200-day EMA.
If this plays out, buyers might finally get their moment in the sun. Additionally, the RSI’s doubling back with 2x growth out of oversold, signaling bullish vibes, while the MACD is flashing a golden crossover—green histograms echoing a new trend is forming in the Gala Games price.
Current Market Stats and Forecast
Right now, GALA’s holding firm at $0.198, boasting a market cap of $596.59 million. With $85.16 million changing hands in 24 hours, traders are in the thick of it.
We’re watching the $0.0150 support level—if we crack it, the bears might control the price action, especially with GameFi declining in popularity. But if GALA can escape its wedge pattern, we might just see an uptick in its fortunes.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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