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- GALA is set to launch their new and improved (v2) tokens to their holders in the ratio of 1:1.
- Technical indicators favor an upside move. It is up by 12% in the GALA/ETH pair.
GALA is one of the leading platforms that bring back value to their users with the help of Web 3. GALA ecosystem has over 28 games and has distributed $2.2 Billion, per their website. The network users have seen exponential growth in the past few months. GALA token is of core utility in GALA games. It is the primary token with which NFT tokens can be purchased, and rewards can be distributed in the ecosystem.
The total number of holders is 224,685, which can grow more shortly. In 2022, Gala Games expanded its mission to encompass all Web 3 entertainment. They have over 6 artists in GALA music and have distributed $15m+ rewards. GALA Games will launch their V2 tokens in a ratio of 1:1 to all the GALA holders. After the drop on May 15th, V1 GALA tokens will no longer be supported.
GALA price has a market cap of $335 Million and is ranked 119th in terms of market cap on CMC. The volume of GALA has seen a rise of 155% intraday. The volume-to-market cap ratio of the asset price suggests a consolidated trend.
Is GALA Ready to Test $0.1?
The weekly technical chart of GALA hints at a struggle between bears and bulls. On the daily chart, it broke the resistance level of $0.048 and is heading for a new high. GALA is trading near the value of $0.05, with a jump of 12.5% in the intraday session.
The upside trend in the GALA price chart could halt near $0.055. Meanwhile, the downside momentum of the asset price could bounce back from $0.03. It is trading above the 50 and 100 Daily Moving Averages. The 100 DMA line could also support in case of a downside trend.
The MACD hints at consolidation in price trends. The histogram bars are also indicating consolidation in the price pattern.
Summary
GALA is set to launch their V2 tokens in May 2023, which will be in the ratio of 1:1. GALA’s price recently produced a breakout and could see a new high in the future.
Technical Levels
Major Support:$0.03
Major Resistance:$0.055
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
