Gala Crypto Price Prediction: Final Call For Bulls

Gala crypto price is tanking as the pullback in cryptocurrency turns into a much deeper correction. On Friday, Bitcoin price dipped below $22,000 for the first time in 2 weeks. At press time, the biggest cryptocurrency is trading 4.72% below its yesterday’s closing. Gala Games is also showing a negative price action after losing 5.80%.

After a strong start of the year, most altcoins lost most of their January gains in the second half of February. The primary reason behind this steep decline is the hawkish comments from US Fed. The increase in PCE core inflation which is the preferred inflation gauge of Fed has increased the rate hike expectations.

Latest Gala Games News

GALA is the native asset of Gala Games which is one of the most popular blockchain gaming projects. The gaining cryptocurrency is trading at $0.037 and is listed on almost all major exchanges.

According to the most recent Gala Games news, the project is sponsoring a Dubai workshop. The workshop has been launched by the top crypto exchange Binance. Nevertheless, GALA crypto price remains unaffected by this news as it kept falling along with the rest of the market.

There was a huge uptick in blockchain gaming activity in January 2023. According to the latest stats, almost half of the on-chain activity in January consisted of gaming transactions. This was also evident by a significant recovery in the prices of gaming tokens.

Gala Crypto Price Forecast

On the daily timeframe, Gala crypto is having a second consecutive day in the red. This also marked the 2nd consecutive week of bearishness. Since the start of the week, Gala Games has tanked by 8.79%. Our technical analysis shows that the price has also broken below a key level of $0.044 after trading above it for a couple of weeks.

Since July 2022, this level has become a line in the sand for the bulls. Our Gala crypto price prediction also depends on the outcome of the ongoing retest of the 200-day moving average. A daily closure below this key indicator may prove to be the final nail in the coffin.

This can send the price into a downward spiral. Therefore, time is running out for the bulls to plan a breakout from the falling wedge pattern to signify a bullish reversal on the daily chart.

Gala crypto price chart
Gala Crypto Chart – 1D