Like many other cryptocurrencies, GALA remains under pressure after Bitcoin hit levels below $65,000 instigated by heightened geopolitical tensions in the Middle East, particularly Iran’s attack on Israel.
It is important to say that Bitcoin experienced a swift drop of $6,000 in just minutes following the attack, with the leading digital currency falling from approximately $68,000 to as little as $60,800 before recovering to $64,400 at the time of writing.
These occurrences led to substantial losses for traders and according to data from Coinglass, around $962.40 million was lost, mainly by bullish position holders who experienced losses amounting to $771.76 million. GALA was also not immune to this market reaction but it is also essential to say that the price of this crypto came under selling pressure since April 09 when it weakened from $0.069 to $0.033, while the current price stands at $0.040.
But where is the price of GALA going next, and what can we expect from the rest of April 2024?
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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- 1 Gala has entered into a partnership with Staynex
- 2 Geopolitical tensions in the Middle East are in focus
- 3 Technical analysis for GALA
- 4 Important support & resistance levels for GALA
- 5 What speaks for the rise in the GALA price
- 6 What indicates further downfall for GALA
- 7 What do analysts and experts say?
Gala has entered into a partnership with Staynex
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.
Gala Games is continuously working on new features and partnerships and this month Gala has entered into a partnership with Staynex, a next-generation travel platform. This collaboration signifies a leap forward in travel, combining Staynex’s forward-thinking platform with GalaChain’s advanced blockchain technology.
Staynex stands at the forefront of the travel industry and this partnership will enable a seamless, secure, and enhanced travel journey. Soon, users will have the ability to book travel at partner resorts and hotels with a variety of secure web3-powered payment methods, collecting unique perks to further enhance the travel experience.
Through the decentralized infrastructure of GalaChain, Staynex will offer unique benefits to its members from exclusive perks and rewards to personalized experiences. Yuen Wong, Staynex CEO and Founder said:
“The Travel, Stay & Hospitality industry is worth trillions, and we see web3 as a game-changer. Blockchain introduces innovation, accountability, and transparency, improving the industry significantly.”
This is certainly positive news for GALA which had an incredible period at the beginning of March 2024 when the price hit levels above $0.085 on March 10. However, since then, the price of GALA has collapsed, and it currently trades near important support which stands at $0.040.
Geopolitical tensions in the Middle East are in focus
Similar to numerous other cryptocurrencies, GALA continues to face pressure following Bitcoin’s drop below $65,000, sparked by increased geopolitical tensions in the Middle East, notably Iran’s attack on Israel.
In response to a suspected Israeli assault on its consulate in Syria on April 1st, Iran launched explosive drones and missiles at Israel. This marked the first direct attack on Israeli territory, heightening concerns about a broader regional conflict. Samy Chaar, chief economist of Lombard Odier, Geneva, said:
“Situation around Iran and Israel is going to be most of (what people will be discussing Monday), but we are still in an environment where we haven’t yet digested the U.S. inflation news and what that means for the Fed, and will they be able to cut rates. We came into this weekend of geopolitical stress in the aftermath of the CPI report. It is a fragile market environment in the short term, but after a fantastic period, so it is only fair that there’s a bit of vulnerability.”
Bitcoin witnessed a rapid decline of $6,000 within minutes after the attack, and the flagship currency dropped from about $68,000 to as low as $60,800 before rebounding to $64,400 at the time of writing this report. Many other cryptocurrencies also experienced a significant decline which led to substantial losses for traders.
According to data from Coinglass, around $962.40 million was lost, mainly by bullish position holders who experienced losses amounting to $771.76 million. Moreover, per data from Parsec, the DeFi sector observed liquidations surpassing $120 million, reaching its peak for the year.
Many crypto analysts said that Bitcoin could 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.
Technical analysis for GALA
GALA has weakened from $0.069 to $0.033 since April 09, 2024, and the current price stands at $0.040. 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 December 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 $0.050, the next target could be resistance at $0.060.
The current 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 the next support that stands at $0.030.
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 $0.050, the next target could be resistance at $0.060.
Traders should also consider that the price of GALA is usually correlated with Bitcoin, and if the price of Bitcoin jumps again above $70,000, 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. At the same time, the mood on the cryptocurrency market is not positive sparked by increased geopolitical tensions in the Middle East, notably Iran’s attack on Israel.
The price of GALA is currently above $0.040 support, but a break below this level would indicate that GALA could test the important support level that stands at $0.030.
What do analysts and experts say?
Like many other cryptocurrencies, GALA remains under pressure after Bitcoin hit levels below $65,000 instigated by heightened geopolitical tensions in the Middle East, particularly Iran’s attack on Israel. Coinglass reported that bullish position holders experienced losses of nearly $800 million while Parsec announced that the DeFi sector observed liquidations surpassing $120 million, reaching its peak for the year.
Many crypto analysts said that Bitcoin could 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.
Crypto analysts also agree that a slowdown in net inflows on the cryptocurrency market and decreased trading activity are certainly negative factors for GALA that will continue to influence the price of this cryptocurrency in the weeks ahead.
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.
