Gala Games (GALA) just a few weeks ago was surging to unimaginable rates. At one point, the blockchain gaming token reported gains of 60% in seven days. But much of that momentum has gone, and we expect some bearish price movements in the coming days. Here are some highlights:
Gala Games (GALA) could fall to $0.2 if we are going to see some bullish reversal.
The token is currently trading at around $0.25, literally unchanged in the last 24 hours.
Upside potential remains minimal at best, and GALA could struggle to hit $0.4.
Data Source: Tradingview
Gala Games (GALA)
The metaverse and blockchain gaming craze that we saw last year was quite instrumental in the growth of GALA. In fact, the coin managed to surge towards all-time highs in November last year, hitting a price of around $0.84.
But this bullish momentum hasn’t been replicated in fact, GALA is now trading 82% lower from those highs a few months ago. Despite this, we did see some bullish breakout at the start of February. In fact, at one point GALA reported 60% growth in less than a week. That bullish breakout has now slowed, and it seems the gaming token is sliding.
We expect it to flatten at the $0.2-mark before bulls try to find any demand. Also, based on the charts and the recent price action, it seems any bullish uptrend for GALA is capped at $0.4.
Is Gala Games (GALA) a good buy?
Well, metaverse and blockchain gaming tokens are expected to remain some of the most in-demand assets in the market. While it is likely that we will see other stronger, more powerful metaverse projects in the future, there is no question that Gala Games is a big pioneer. For investors who want some exposure to this new virtual world, then it should be a decent option to buy.