The price of Gala Coin (GALA) has increased more than three times since the beginning of January 2023, rising from a low of $0.015 to a high of $0.056. But where is the price of GALA going next, and what can we expect from the first quarter of 2023?
The current price of GALA stands at $0.049, which is still around 94% from its record highs in November 2021.
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 as a medium of exchange within the Gala Games ecosystem to transact with other players and buy in-app assets.
GALA tokens are also used as a player incentivization mechanism, and developers can incorporate GALA tokens and NFTs into their games, further expanding the GALA ecosystem. GALA tokens are cryptographically secured, users have full control over how to use them, but GALA tokens do not represent any shareholding, participation, right, title, or interest in Gala Games.
GALA makes upward strides
The beginning of the 2023 year has been incredible for GALA, and the price of this crypto has skyrocketed from $0.015 to $0.056 in less than two weeks. Many other cryptocurrencies have also been able to successfully make their way out of a depressing bear trend, but a recommendation from many analysts is that investors should continue to take a defensive investment approach in the upcoming weeks.
Economists have warned that a global recession could be on the horizon, and traders should keep in mind that crypto selloffs could gather speed if Bitcoin falls below $20,000 again. Ki Young Ju, the CEO of the cryptocurrency analytical service CryptoQuant.com, said that macro risks and contagion still prevail in the crypto industry, and the rising number of liquidations, bankruptcies, etc., will certainly lead to a spike in selling pressure.
Nicholas Merten, a crypto trader and the creator of the DataDash YouTube channel, said that the damage that was done by companies like FTX and Celsius, Three Arrows Capital, the whole fiasco with LUNA, is really going to leave an irreversible scar on the industry.
“I think we need to understand not only how that contagion continues to play out but that it’s playing out in this little micro space within crypto. And when we really step out into the macro perspective, the big-picture view, we really start to see with inflation, global supply chain issues, that crypto is not going to be the leading asset class for some time.”
– Nicholas Merten, DataDash
Technical analysis for GALA
The price of GALA has increased more than three times since the beginning of January 2023, rising from a low of $0.015 to a high of $0.056. The current price of GALA stands at $0.049, and as long the price of GALA is above $0.040, we can’t talk about a trend reversal, and the price of this crypto remains in the BUY-ZONE.
Important support & resistance levels for GALA
On this chart (the period from June 2022), I marked important support and resistance levels that can help traders to understand where the price could move. GALA remains in a “buy zone,” and if the price advances above the resistance that stands at $0.060, the next target could be located around $0.070.
The important support level is $0.040, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.035. If the price drops below $0.030, which represents very strong support, the next target could be located around $0.020 or even below.
What speaks for the rise in the GALA price
The beginning of the 2023 year has been incredible for GALA, and if the price advances above the resistance that stands at $0.060, the next target could be located at $0.070. Traders are accumulating GALA despite the expectations of “some market turbulence,” and according to the technical analysis, GALA still has room for the upside.
Traders should also consider that the price of GALA is usually in correlation with Bitcoin, and if the price of Bitcoin jumps above $25000, we can see this cryptocurrency at a higher price level than the current price.
What indicates the downfall for GALA
The price of GALA has skyrocketed this month, but traders should keep in mind that the price can easily return to levels seen in December 2022. The important support level for GALA stands at $0.040, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.035.
What do analysts and experts say
GALA made sharp gains at the beginning of the 2023 year, but the main question is, does it have more bullish strength left? According to the technical analysis, GALA still has room for the upside, and if the price advances above the resistance that stands at $0.060, the next target could be located at $0.070.
Fundamentals of GALA are strongly tied to the overall cryptocurrency market, especially with Bitcoin, and because of this, traders should consider that the GALA selloff could gather speed if Bitcoin falls again below the $20,000 mark.
Popular investor Peter Schiff suggested again this week that cryptocurrency investors should sell their cryptocurrencies after a rally in January, while Caleb Franzen, strategist at Cubic Analytics, believes that the upside potential for the price of many cryptocurrencies remains limited for now.
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.