GALA has been struggling since March 10, 2024, dropping from $0.087 to a low of $0.013. Currently, the price of GALA stands at $0.017, and traders should be aware that the risk of further decline still exists.
Predicting GALA’s direction in September 2024 is difficult due to its volatility, but market sentiment, influenced by news, events, and social media trends, will have a significant impact. Positive sentiment could push the price up, while negative sentiment could cause it to fall. So, what’s next for GALA, and what can we expect for the rest of September 2024?
Today, CryptoChipy will discuss GALA’s price outlook from both a technical and fundamental perspective. Keep in mind, there are many factors to consider when entering a position, such as your time horizon, risk tolerance, and margin if trading with leverage.
Gala Games Continues to Forge New Partnerships
Gala Games is a blockchain-based platform that offers play-to-earn gaming, where players truly own what they win. Assets are verifiable on the blockchain, allowing them to trade or use them in-game. Gala Games addresses a long-standing issue in the gaming world where players have limited control over their in-game purchases.
Although Gala Games runs on the Ethereum blockchain, it has partnered with the Polygon network. Recently, Gala entered into a partnership with Hong Kong-based Animoca Brands. The companies will collaborate to develop the GALA token, with Animoca receiving GALA tokens to provide liquidity services to the Web3 gaming platform, facilitating more orderly token trading.
This partnership was seen as a positive sign for GALA, sparking interest in the gaming and NFT community. Despite the bullish news, GALA did not experience significant price movement, though it did generate excitement among those in the NFT space, including LordBenalez, COO of the Mittaria project.
The Risk of Further Decline Remains
GALA experienced a successful start in March 2024, but the price has faced persistent pressure since March 10, 2024, and the risk of further declines remains. Whale transactions have significantly decreased, which may indicate a loss of confidence among large investors. Reduced whale activity can lower liquidity, making it harder for traders to buy or sell large amounts of GALA without affecting its price. This can lead to more price fluctuations, especially if smaller trades begin to have a larger impact.
These market dynamics could negatively impact investor sentiment and potentially drive the price down. Furthermore, futures traders betting on a price increase have experienced liquidations, where positions are closed due to insufficient funds to maintain them.
Investors should consider that GALA’s value is tied to the success of Gala Games’ ecosystem. If Gala fails to maintain its momentum, demand for GALA may stagnate or decline, decreasing its value. Gala Games operates in a competitive blockchain gaming sector, with numerous other platforms and projects vying for attention.
GALA Technical Analysis
GALA has fallen from $0.087 to $0.013 since March 10, 2024, and is currently priced at $0.017. In the chart below, I’ve marked the key price level. As long as GALA stays below this level, it remains in the SELL-ZONE, and a trend reversal cannot be confirmed.
Key Support & Resistance Levels for GALA
On this chart from January 2024, I’ve highlighted critical support and resistance levels to help traders gauge potential price movements. GALA remains under pressure, but if the price moves above $0.030, the next target is $0.040. The current support level is $0.015, and if it breaks below this, it could trigger a sell signal, pushing the price down to the next support at $0.010.
Factors Supporting a Rise in GALA’s Price
Despite its volatility, GALA has potential due to its connection to the expanding GameFi sector. However, it remains a high-risk investment due to the uncertainties in blockchain gaming and its regulatory environment. Crypto whales’ actions are often a major indicator, and if GALA sees an increase in large transactions, this could signal a bullish trend. For the bulls to take control, the price needs to move above $0.030.
Indicators of a Potential GALA Decline
Gala Games faces significant competition from other blockchain gaming platforms like Axie Infinity, The Sandbox, and Decentraland, all vying for market share in GameFi. The bearish sentiment among GALA whales, especially since March 10, 2024, has contributed to the ongoing price decline. The key support level is $0.015, and a drop below this could lead to further declines, with the next target being $0.010.
Expert Opinions on GALA
Since reaching $0.087 in March 2024, GALA has seen substantial losses. Experts agree that GALA is a risky investment due to its volatility and the speculative nature of the cryptocurrency market. Like most cryptocurrencies, GALA’s price can swing wildly in short periods, making it a high-risk asset for investors who can’t manage such fluctuations.
Many crypto analysts believe that Gala Games’ performance in the competitive blockchain gaming sector will directly impact the demand for GALA. If Gala fails to achieve further success, the value of GALA could stagnate or decline.
