GALA (review) has advanced more than 50% since the beginning of November 2023, rising from $0.019 to a high of $0.035. The current price of GALA stands at $0.031, and for now, bulls continue to control the price movement of this cryptocurrency.
Positive information is that Gala entered into a strategic partnership with DWF Labs last month and according to plan, this partnership is aimed at the rapid expansion of the much-awaited L1, GalaChain. But where is the price of GALA going next, and what can we expect from the rest of December 2023?
Today, Crypto Lists will discuss GALA price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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Gala gives players back control over their games
Gala Games is a blockchain-based play-to-earn gaming platform that provides players with regained control over their games through user-friendly mechanics enjoyable for all. Gamers have the opportunity to genuinely possess their winnings, with their assets being validated on the blockchain for trading to others or using within the game. In this way, Gala Games resolves a significant challenge that has troubled video game players previously.
Gala Games operates on the Ethereum blockchain, while it’s noteworthy that Gala has established a partnership with the Polygon network as well. The GALA token serves as Gala Games’ utility token, enabling the acquisition of in-game assets and items across the games developed on the Gala Games platform. These assets are often represented as NFTs (Non-Fungible Tokens) on the blockchain, but it is also important to say that GALA tokens do not represent any shareholding, participation, right, title, or interest in Gala Games.
However, GALA holders have the opportunity to engage in governance decisions concerning the Gala Games ecosystem. This includes the ability to vote on proposals or alterations to the platform’s regulations. The last several weeks have been incredible for GALA, and the price of this crypto has skyrocketed from $0.019 above $0.030 in a very short period of time.
Gala enters strategic partnership with DWF Labs
The main reason behind this jump is connected with the overall sentiment on the cryptocurrency market, but it is also important to mention that Gala entered into a strategic partnership with DWF Labs last month which is viewed as positive news. According to the plan, this partnership is aimed at the rapid expansion of the much-awaited L1, GalaChain, and unlocking the potential to more developers.
DWF Labs is a renowned global digital asset market maker and a multi-stage web3 investment company. It stands among the world’s largest high-frequency cryptocurrency trading entities, engaging in spot and derivatives markets across more than 60 leading exchanges. Gala Games reported:
“This new strategic partnership means that Gala is ready to undertake massive and rapid expansion of our L1 blockchain, GalaChain. DWF Labs is strategically positioned to help us reach new visionaries, developers and investors, and we are incredibly eager to bring the first fruits of this partnership to our user base.”
Despite the current optimism, potential investors should consider that GALA is highly volatile and remains a highly risky investment, while the wider dynamics of the cryptocurrency market play an important role in determining the price of GALA. Over the upcoming weeks, the movements of GALA and the broader cryptocurrency market will continue to be notably impacted by the decisions made by the U.S. Securities and Exchange Commission (SEC) and Federal Reserve announcements. Investors should bear in mind that while positive advancements can lead to considerable price surges, they also entail potential risks.
Technical analysis for GALA
GALA has advanced from $0.019 to $0.035 since the beginning of November 2023, and the current price stands at $0.031. On the chart below, I marked the trendline, and as long the price of GALA is above this trendline, we can’t talk about a trend reversal, and the price of GALA remains in the BUY-ZONE.
Important support & resistance levels for GALA
On this chart (the period from June 2023), I marked important support and resistance levels that can help traders understand where the price could move. According to technical analysis, bulls control the price movement of GALA for now, and if the price advances above $0.040, the next target could be strong resistance that stands at $0.050. The important support level is $0.025, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to the next support that stands at $0.020.
What speaks for the rise in the GALA price
The recent surge in Bitcoin’s value is bolstering both the cryptocurrency market and GALA. Numerous crypto analysts anticipate this upward trajectory to persist in the following weeks. There’s widespread anticipation among these analysts for the imminent approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). Should this approval materialize, the price of GALA will likely experience further increases. Per technical analysis, the current price movement of GALA is being driven by bullish sentiment. Should the price surpass $0.040, the subsequent significant resistance level at $0.050 might become the next target.
What indicates a downfall for GALA
The downfall of GALA can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends. There are many negative rumors around the Gala Games project this year and not so long ago, Gala Games’ leadership, including CEO Eric Schiermeyer and co-founder Wright Thurston, were embroiled in a dispute in the two separate lawsuits. Investing in GALA involves a significant degree of unpredictability and substantial risk. While positive advancements have the potential to drive considerable price surges, they also come with associated risks.
What do analysts and experts say?
The cryptocurrency market is advancing at the beginning of December 2023; Bitcoin’s price remains near 2023 highs and this situation also positively influenced GALA. The question now is whether this “bullish” phase could potentially instigate further gains for GALA and maybe a jump beyond the $0.050 mark again. The positive news is that Gala entered into a strategic partnership with DWF Labs last month and according to some crypto analysts, this new strategic partnership is ready to undertake massive and rapid expansion of L1 blockchain, GalaChain.
DWF Labs stands among the world’s largest high-frequency cryptocurrency trading entities and it is strategically positioned to help Gala reach new visionaries, developers, and investors. At the same time, analysts in the crypto sphere suggest that the approval of the initial Bitcoin ETF by the SEC in the United States would undoubtedly have a favorable impact on the price of GALA. According to Bloomberg analyst James Seyffart, the anticipated timeframe for potential approval of a spot Bitcoin ETF could range from around January 5 to January 10.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.