GALA has been in a negative mood since March 10, 2024, falling from $0.087 to a low of $0.013. The current price of GALA stands at $0.017, and traders should keep in mind that a risk of further decline still persists.
Predicting the exact direction of GALA in September 2024 is challenging due to its volatile nature but general market sentiment, influenced by news, events, and social media trends, will impact price. Positive sentiment could drive prices up, while negative sentiment could cause them to fall. So where is the price of GALA going next, and what can we expect from the rest of September 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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Gala Games is continuously working on new partnerships
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 summer Gala has entered into a partnership with Hong Kong-based game software company Animoca Brands.
Per the announcement, the companies will work together to develop the token. Animoca Brands will receive GALA tokens from the firm’s treasury to “provide liquidity provisioning services” to the Web3 gaming platform. This move aims to facilitate the token’s orderly trading.
Many users and crypto investors considered the news as a bullish sign for GALA but despite positive news, GALA didn’t make any significant upside move. It is also important to mention that the announcement sparked interest in the gaming and NFT community and LordBenalez, COO of community-driven NFT project Mittaria, expressed interest in the collaboration.
A risk of further decline still persists
The beginning of March 2024 has been very successful for GALA, but the price of GALA has remained under pressure since March 10, 2024, and the risk of further decline is still not over. There has been a significant decline in whale transactions for GALA and a decline in large trades might be interpreted as waning confidence among large investors.
Large trades often contribute significantly to the liquidity and a decrease in such trades can reduce the overall liquidity, making it more difficult for traders to buy or sell large amounts of GALA without affecting the market price. With reduced liquidity, the market may become more susceptible to price swings and potential investors should keep in mind that smaller trades could have a more pronounced impact on GALA’s price then.
This situation could negatively affect market sentiment and potentially lead to further declines in GALA’s price as other investors follow suit. At the same time, this price drop has led many futures traders, who had bet on a price rally, to witness liquidations. It is important to mention that liquidations occur in an asset’s derivatives market when the asset’s value moves against the position held by a trader. When liquidation happens, the trader’s position is forcefully closed due to insufficient funds to maintain it.
Potential investors should also consider that the value of GALA is tightly linked to the success of Gala Games’ ecosystem and if Gala fails to achieve further success, the demand for GALA may stagnate or decline, reducing its value. Gala Games operates in the highly competitive blockchain gaming industry, where multiple platforms and projects are vying for attention.
Technical analysis for GALA
GALA has weakened from $0.087 to $0.013 since March 10, 2024, and the current price stands at $0.017. In the chart below, I marked the important price level, and as long the price of GALA is below this line, 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 January 2024), 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 $0.030, the next target could be resistance at $0.040. The current support level is $0.015, 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 $0.010.
What speaks for the rise in the GALA price
While GALA has potential due to its association with the growing GameFi sector, it remains a high-risk investment due to its volatile nature, regulatory uncertainties, and the nascent state of blockchain gaming. Analysts and traders often closely watch the activity of crypto whales because the behavior of crypto whales can influence market sentiment and an increase in the number of big transactions for GALA is something that could drive the price higher. When a whale makes a substantial buy, it can be seen as a bullish sign, potentially attracting more buyers. For the bulls to take control of price movement, a move above $0.030 would be beneficial.
What indicates the downfall of GALA
Gala Games operates in the highly competitive blockchain gaming industry, where multiple platforms and projects are vying for attention. Competitors like Axie Infinity, The Sandbox, and Decentraland also aim to capture a share of the growing GameFi market. On the other side, the period since March 10, 2024, has been negative for GALA, and the bearish mood among GALA whales seems to be a major factor that influenced the GALA downtrend. The important support level for GALA stands at $0.015, and if the price falls below this level, the next target could be $0.010.
What do analysts and experts say?
After hitting price levels above $0.087 on March 10, 2024, GALA has encountered significant losses. The risk of further decline is still not over and in the weeks ahead, the price of GALA could continue to be under selling pressure. Many crypto analysts agree that GALA is considered a risky investment for several reasons, despite its potential. Like most cryptocurrencies, GALA is highly volatile and its value can fluctuate dramatically in short periods, making it a risky investment for those who cannot handle such swings.
Price movements are often influenced by market speculation, macroeconomic factors, and news cycles. Crypto analysts also say that Gala Games operates in the highly competitive blockchain gaming industry and if Gala Games fails to achieve further success, the demand for GALA may stagnate or decline, reducing its value.
