The Gala price has continued to go against the grain. While most cryptocurrency prices have crashed, Gala has soared to a new all-time high. It is trading at $0.2527, which is about 245% above the lowest level this month. This rally has brought its total market cap to more than $1.8 billion. It is now the 80th biggest cryptocurrency in the world.
Why has Gala Games defied odds?
It has been a difficult week for cryptocurrencies. To put this into perspective, the total market cap of all cryptocurrencies tracked by CoinGecko has dropped to about $2.6 trillion.
This is a remarkable sell-off considering that the market cap rose to more than $3 trillion two weeks ago. In other words, cryptocurrency investors have lost in excess of $400 billion in about a week.
Gala price has been an exception. For one, it has remained in a vibrant mood, which has seen its price jump by more than 190% in the past few days.
For starters, Gala is a decentralized gaming platform that allows people to build and run their own games. Users of the platform can play these games and earn money for their winnings. This is a fast-growing side of games that has had remarkable growth recently.
In addition to the fact that the industry is growing, the Gala price has risen as investors cheer the latest node votes. The developers ran a highly successful governance vote. The winners of the vote were those people who believe that members should get nothing extra for referring a new node operator. These results will be implemented in the upcoming January upgrade.
Gala price prediction
In my last Gala price forecast, I concluded that while the bullish trend will remain, a pullback was likely to happen. This has not happened as the price has remained in a relatively bullish trend.
However, a closer look at the chart shows that it has found some resistance in the past few days. The coin is still above the 25-day and 50-day moving average while the Relative Strength Index (RSI) has moved from the overbought level.
Gala seems to be forming a bullish flag pattern. This pattern is usually a bullish sign. Therefore, there is a likelihood that the coin will bounce back as the fear of missing out (FOMO) sets in.
