GALA has weakened more than 70% since January 29, 2023, falling from a high of $0.062 to a low of $0.012.
There are a lot of negative rumors around the Gala Games project, and according to the latest news, Gala Games’ leadership, including CEO Eric Schiermeyer and co-founder Wright Thurston are embroiled in a dispute in the two separate lawsuits.
But where is the price of GALA going next, and what can we expect from October 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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A platform that gives players back control
Gala Games is a blockchain-based play-to-earn gaming platform that gives players back control over their games with simple game mechanics that all players can enjoy. Players get to truly own what they win, and their assets are verifiable on the blockchain they can trade to another person or play with in-game. In this way, Gala Games addresses a major shortcoming that video game players have struggled with in the past.
Gala Games runs on the Ethereum blockchain, but it is also important to mention that the Gala has also partnered with the Polygon network. The GALA token is the utility token of the Gala Games, which is used to purchase in-game assets and items within games built 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 can participate in governance decisions related to the Gala Games ecosystem, which include voting on proposals or changes to the platform’s rules. The beginning of the 2023 year has been incredible for GALA, and the price of this crypto has skyrocketed from $0.015 to $0.062 in less than four weeks. Since then, the price of GALA has collapsed, and it currently trades near an all-time low which stands at $0.013.
Gala Games’ leadership is embroiled in a dispute
One of the reasons is connected with the overall sentiment on the cryptocurrency market, but there are also a lot of negative rumors around Gala Games. According to the latest news, Gala Games’ leadership, including CEO Eric Schiermeyer and co-founder Wright Thurston, are embroiled in a dispute and in separate lawsuits. Schiermeyer alleged that Thurston unlawfully acquired and traded $130 million GALA tokens.
Simultaneously, Thurston counterclaimed that Schiermeyer mismanaged the firm’s assets and participated in deceptive practices. Gala Games CEO Schiermeyer’s lawsuit also includes Thurston’s company, True North United Investments, and it claims:
“Last year, Thurston and/or True North began moving the stolen tokens from those wallets and exchanging or selling them in a complex web of obfuscatory transactions. He was able to exchange, hide or sell approximately $130 million worth of the stolen GALA before the Gala Games could stop him.”
On the other side, Wright Thurston’s lawsuit against Schiermeyer includes burning off about $600 million in Gala and shareholders assets, and because of this, Thurston wants Schiermeyer to be removed as director for “corporate waste, conversion, unjust enrichment.”
Negative information is that there has been a significant drop in the number of whale transactions for GALA in the last several months, and when whales reduce their trading activity (transactions worth $100,000 and above), it usually indicates that they are losing confidence in the underlying coin’s short-term price prospects.
The continuation of this negative momentum is likely to propel GALA towards its important support at the $0.010 psychological level, and for now, we can not see a positive sign for the future performance of GALA.
GALA ) is highly volatile and remains a highly risky investment, but the wider dynamics of the cryptocurrency market also play an important role in determining the price of GALA. Benjamin Cowen, an analyst, and founder of Into The Cryptoverse, thinks Bitcoin will likely maintain a downside trajectory in the weeks ahead, and when the price of Bitcoin drops, that usually has a negative influence on the price of GALA and on the rest of the cryptocurrency market.
There are expectations of “market turbulence” from looming recession concerns and macro uncertainty, while many analysts expect that the U.S. central bank could keep interest rates at restrictive levels for a longer period.
The Federal Reserve kept interest rates unchanged at its policy meeting this Wednesday but flagged one more rate hike potentially this year, while Chair Jerome Powell said that the rate-hiking cycle will last a tad longer than many on Wall Street want. Nomura strategist Charlie McElligott said:
“Federal Reserve signaled another rate hike coming this year and stiffened its hawkish stance. The latest leg lower in U.S. stock prices has put them in a danger zone that could trigger so-called “mechanical selling” pressure and accelerate a downside move.”
Technical analysis for GALA
GALA has weakened from $0.062 to $0.012 since January 29, 2023, and the current price stands at $0.013. On the chart below, I marked the trendline, and as long the price of GALA is below this trendline, we can’t talk about a trend reversal, and the price of GALA remains in the SELL-ZONE.
Important support & resistance levels for GALA
On this chart (the period from March 2023), I marked important support and resistance levels that can help traders understand where the price could move. GALA remains under pressure, but if the price jumps above $0.020, the next target could be resistance at $0.030. The important support level is $0.010, 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 $0.0050.
What speaks for the rise in the GALA price
The upside potential for GALA probably remains limited for the upcoming weeks; still, if the price advances above $0.020, the next target could be resistance at $0.030. Traders should also consider that the price of GALA is usually correlated with Bitcoin, and if the price of Bitcoin jumps again above $28000, we can see GALA at a higher price level than the current price.
What indicates further downfall for GALA
GALA is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. There are a lot of negative rumors about the Gala Games project while the macroeconomic landscape remains uncertain.
The U.S. Federal Reserve kept interest rates unchanged at its policy meeting this Wednesday but flagged one more rate hike potentially this year. Because of this, analysts are worried that an aggressive Federal Reserve will push the economy into a recession that could hurt the prices of stocks and cryptocurrencies.
What do analysts and experts say?
There are a lot of negative rumors around the Gala Games project, and because of this, GALA currently trades near an all-time low which stands at $0.013. Gala Games’ leadership, including CEO Eric Schiermeyer and co-founder Wright Thurston, are embroiled in a dispute in the two separate lawsuits, and for now, analysts can not see positive signs for the future performance of GALA.
Many crypto analysts say that the fact that whales have lost interest in accumulating more GALA indicates that we would continue to see low prices for GALA. At the same time, the macroeconomic landscape remains uncertain; major central banks are still not done with bringing inflation down to their target, and risk-on assets such as cryptocurrencies could suffer in such conditions.
The U.S. Federal Reserve signaled another rate hike coming this year, and Nomura strategist Charlie McElligott said that the latest leg lower in U.S. stock prices has put them in a danger zone that could trigger so-called “mechanical selling” pressure and accelerate a downside move. Stocks aren’t the only assets that could significantly lose their value, and investors should keep in mind that cryptocurrencies could also be in the situation to make an even bigger fall.
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.