Sunday, December 5

GALA Gaming Token Has Been Driven Higher Once Again

While Bitcoin is looking to win back the $ 60K, major video game-related altcoins and the Metaverse have been posting considerable gains. One of them is GALA, a gaming token that has had a bullish momentum during November and has also completely ignored the market declines

In the same way, some cryptos already exposed here in CryptoTrend, such as SAND, MANA, TLM or others, have also been experiencing gains during the elapsed days of November. This is because a group of institutional investors wants to have exposure to the Metaverse; The main reason why GALA is also on the rise. However, there is an additional factor to consider, and we will show you below.

At the time of writing, GALA is trading exactly $ 0.68 and records a profit in the last 24 hours of 57.12% according to CoinMarketCap.

The first bullish movements in the digital video game currencies and Metaverse were seen once the CEO of Facebook (currently Meta), Mark Zuckerberg, clarified that they were aimed at becoming a Metaverse, and not just a social network.

In the midst of events, many cryptocurrencies soared higher in a matter of hours. However, GALA, a project that builds blockchain-based video games, took a little longer to benefit from the event.

Even so, the bullish patterns of the GALA token led it to record an all-time high at $ 0.66 cents; after trading below $ 0.08 on October 28.

On the other hand, we also highlight that GALA was listed on Coinbase and Huobi this November 16; a fact that exposed the token to a large number of investors, and that was certainly a key factor in the asset’s price to skyrocket.

Technical analysis: technical scenario projects a correction

The technical scenario in GALA price action shows that the token is at extreme overbought levels; While this is positive, as it shows great interest from investors, it can also be negative. Since, it confirms the possibilities of a rapid decline during the following days; be it a simple correction or profit taking by traders.

In addition to this, in the same time frame, of 4 hours, it is also possible to see how the candles protrude from the ENV channels; which indicates high levels of volatility in the token, and in turn, confirms the possible future correction.

GALA analysis in 4 hours timeframe
GALA analysis in a 4-hour period. Source: TradingView.

However, with the high number of companies and users now wanting to be exposed to the Metaverse, this drop may not occur for several days. Therefore, we suggest paying attention to RSI levels, since it is also at extreme levels and can provide us with important information about investor sentiment; at this moment it is located exactly at 71 points and with a downward projection given the latest sales.

The following supports must be taken care of, because surely with sales the price of GALA can fall to these levels:

The information in this content should be taken for informational purposes only, not intending under any point of view to urge the purchase / sale of financial assets.

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