The Gala price has diverged from other cryptocurrencies. While Bitcoin, Ethereum, and other cryptos have retreated, Gala has surged to an all-time high. It is trading at $0.1335, which is a few points below its all-time high of $0.1434.
What happened? Most cryptocurrency prices have declined this week. For example, Bitcoin has dropped to about $61,000, which is substantially lower than the all-time high of almost $70,000.
Gala price, on the other hand, has skyrocketed by more than 36% in the past 24 hours. This means that it has jumped by more than 80% from its lowest level this month.
For starters, Gala is a blockchain project that is in the gaming and Non-Fungible Tokens (NFT) space. The platform was created by one of the co-founders of Zynga, the $8 billion gaming company. It enables developers to build games in the ecosystem.
Gamers can also play these games and have a voice about them. Some of the most popular games in the network are Spider Tanks, Mirandus, and Fortified. GALA is the native token for the so-called GalaChain.
The Gala price is rising as investors cheer the fast-growing industry of decentralized games, non-fungible tokens (NFT), and the metaverse. Also, the market is excited that Town Stars node licenses will move to Gala Games and an upcoming vote.
Gala is a relatively small but fast-growing blockchain project with a market cap of about $800 million. The coin has made some important strides in the past few weeks. By so doing, it has moved above the important resistance at $0.1237, which was the previous all-time high. It has also moved above the second resistance of the standard pivot point.
Most importantly, Gala price has moved above the upper side of the cup and handle pattern. Therefore, while the overall trend is bullish, I suspect that the coin will have a brief retreat soon. This will be part of a break and retest pattern, which will see it test the support at $0.1237.