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- 1 Gala shook hands with Huobi Global for web3 development.
- 2 GALA price rose by 3.66% in the last 7 days.
- 3 The collaboration involves investment and project listing within the Gala ecosystem.
Gala Games, a Web3 gaming pioneer, joined forces with Huobi Global, a leading crypto exchange, to work together to develop their Web3 ecosystem. The alliance between the two involves investment in and project listing within the Gala ecosystem. Gala Games is a blockchain-based play-to-earn (P2E) gaming platform, which enables developers to create P2E crypto and NFT games. These games allow players to buy, sell and trade in-game items. Once the in-games items are purchased, these cannot be omitted or altered by developers without players’ consent.
The Huobi-Gala collaboration is expected to enhance their Web3 prospects, permitting Huobi to integrate with the Gala layer-1 blockchain to enhance the underlying on-chain technology. The strategic partnership between the two will certainly bring advancements in both ecosystems, especially for Gala Games, giving it a lift in the P2E sector.
Monoscopic View
GALA price formed a pennant pattern over the daily time frame. The current price approaches a breakout and could form a rally soon. The trading volume could also suggest growing investor base since the new strategic partnership came into being. The EMA ribbon forms a bullish cross indicating possibilities of an uptrend in the market. A horizontal OBV suggests that the present situation could be favorable for GALA.
GALA price moved sideways in the past few trading sessions. The CMF moved in the positive zone indicating a weaker bullish momentum. The MACD converges, ending the buyer action in the market, although it may undergo bullish divergence once the partnership is successfully executed. The RSI moves along the half line to indicate a neutral market for GALA at the moment.
Microscopic View
GALA in the short term forms a cup and handle pattern giving out signals of a bullish breakout. The price can establish a high run, once the resistance near $0.0420 is breached. The chances of a breakout are high, keeping in mind the current alliance. The CMF rises in the positive zone to signal a bullish momentum. The MACD forms a bullish divergence and records buyer participation. The RSI remains in the buyer-active zone, and can reach the overbought region soon.
Conclusion
GALA price may soon witness a bullish breakout, taking in account the current collaboration between GALA Games and Huobi Global. The present market can soon observe bullish movements with Gala and Huobi working on Web3 development in their ecosystems. The holder can rely on the support near $0.0370.
Technical levels
Support levels: $0.0370 and $0.0315
Resistance levels: $0.0420 and $0.0480
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
