Over the past week, the GALA game tokens' price has increased by more than 100%. Also, GALA is up 18.6% today and was briefly up 230% from its low of $0.0154 on December 30.
Gala is a strong, distributed blockchain gaming ecosystem with supposedly 16,000 player-run nodes worldwide. At launch, there was no premise, presale, or early access to tokens, and it seems that no venture firms were engaged.
It does, however, release a substantial number of tokens each day, which might increase selling pressure on the investment and GALA rates.
Unlocks Calendar's Twitter feed says that Gala's aggressive marketing could lead to more selling pressure. With a daily unlock of about $400,000 or $11 million a month, the recent price spike might not last long.
Also, the vesting schedule is straightforward; every year on July 21, the daily distribution is cut in half. The tokenomics say that there can be no more than 50 billion tokens.
Out of a total of almost 39 billion, only 7.5 billion are in circulation. This is 78% of the maximum.
GALA's market cap is currently $323 million, and as of the time of publication, the token was trading for $0.043. Despite current gains, the gaming investment is still 95% below its record high of $0.824 set in November 2021.
Should you invest in the Gala price today from the discounted price?
Let’s see Gala Price Prediction from the GALA/USD technical analysis:
Gala (GALA) Bullish Trend Is Confirmed With A Valid Trendline Breakout
In the last two weeks, GALA/USD showed the strongest movement in 1 year, which is a primary sign of a trend change. Moreover, the price is trading 200% higher from the 0.0153 swing low, which happened in just 10 trading days.
It is important to find the tradable range for this instrument to find the ultimate target. In recent days, strong bullish pressure from the 0.0153 level appeared with a new higher high formation, which will be the bottom of the current tradable range. On the upside, 0.0904 would be the top from where a bearish trendline appeared with a bullish liquidity grab.
The current price is trading below 50% of the range, which could offer a decent buying opportunity from the discounted level.
The bullish signal from the tradable range should come with a bullish signal in the daily or intraday price before offering a long opportunity.
Based on the highest trading volume indicator, the largest volume level in the last three months is spotted at 0.0249 level, which is below the current price.
The dynamic 20 EMA is still below the price, while the RSI is at the overbought 70% area but there is no sign of a recovery.
A perfect bullish trend continuation opportunity should come with a sufficient bearish correction but in the crypto market, the situation might not be the same.
Based on the current daily Gala coin price prediction, investors should wait for the price to come toward the 0.0315 support level and form a bullish price action signal. In that case, a long signal is openly targeting the 0.0900 area.
However, an immediate bullish break with a daily candle above the 0.0520 level could increase the price without a correction. In that case, the primary price target would be 0.0800 psychological level.
On the downside, a strong break below the 0.0300 level is needed before aiming toward the 0.0152 key support level.
Gala (GALA) Offers A Bullish Trend Continuation Opportunity
In the H4 timeframe, the strong bullish trend is visible from the current GALA/USD price where the current price is making higher highs.
The strong bullish trend appeared from the fundamental development of this token while the weaker CPI data boosted the momentum.
As per the Bollinger Bands Indicator, the current bullish price action is stable above the middle Bands, which is the immediate support level. Moreover, a bullish crossover has appeared in MACD EMA’s, which is a signal that bulls are still interested in this token.
Based on the current H4 Gala Price Forecast, a minor correction could create a bullish opportunity in this token. The primary profit target would be the 0.0597 level, which is the 161.8% Fibonacci Extension level from 0.0507 high to 0.0361 low.
The alternative approach is to wait for the price to come below the 0.0300 level and form a strong bearish daily candle. It would invalidate the current bullish price action and lower the price in the coming days towards the 0.0200 area.
Gala (GALA) Intraday Price Action Analysis
In the intraday price action of the GALA/USD price, the buying possibility is potent as the current price is trading higher above the visible range high volume level of 0.0413 level.
In the main price chart, the 20 EMA and weekly VWAP air moving higher and working as confluence support to the high volume static level.
In the traders' dynamic index indicator, there is no sign of divergence while the current TDI level is aiming higher from the lower bands.
Based on the intraday price action, the bullish trend continuation opportunity is valid as long as the price is trading above the 0.0400 level.
Investors should wait for the price to come down with a corrective price action and form a bullish price action. In that case, the bullish possibility is potent towards the target of 0.0650 level.
Is Gala (GALA) A Buy?
Based on the Gala (GALA) Price Prediction, the bullish trend has a higher possibility of extending in the coming days. Investors should closely monitor near-term support levels with an appropriate price action formation before opening a long position.