- GALA token price showed an impulsive, bullish move on March 9, 2024.
- 24-hour trading volume has declined by 18.02%.
- Technical summary suggested a positive signal in the current trading phase.
Gala Games (GALA) is creating a vast platform with AAA games designed to give players more freedom, control, and rewards. Industry-leading game developers created this platform with the help of Web3 and blockchain technology. The platform aims to become a web3 gaming ecosystem. GALA is a core utility token of this ecosystem that can be used in NFT item purchases within Gala Games.
GALA Delivered 376% Return in the Last Six Months
Gala price has shown enormous bullish strength in the last six months. It reflected bullish sentiments from the $0.0125 support level. Afterward, the price gave positive returns until January 2024, which helped the price in a bullish correction.
The fully diluted market capitalization (FDMC) is $2.2 Billion, reflecting this project’s overvalue. The circulation supply of GALA tokens is at 29 Billion GALAs, which poses the current market capitalization of $2.06 Billion.
GALA token 24-hour trading volume has experienced a decline of 18.02%, ranked 44th out of 9,043 active cryptocurrencies registered in CoinMarketCap. The 24-hour volume-to-market cap ratio (VMR) is 19.48%, which is decent now.
Price to Volume and Social Dominance Analysis
The Gala crypto price got positive attention from investors in Early February 2024. During that period, the volume and social dominance reflected an average perspective on the Gala Games. However, the social dominance and volume increased at the end of February 2024.
Gala’s trading volume is $400.75 million, and the social dominance is at 0.063%. Conversely, the price is still sky-high compared to the trading volume and social dominance, reflecting investors’ trust in this project.
Technical Analysis of the GALA Token
The 50 and the 200-Day EMAs had a golden crossover at $0.0255, reflecting strong bullish sentiments in the current phase. The 50-Day EMA has become a dynamic support for the current market price.
GALA price got a strong bullish response from the $0.0339 bullish point of interest. The price surged over 170% and reached the $0.0946 level. Analysts assume that the Current price is looking for a correction afterward; it may get the $0.1270 resistance.
The relative strength index (RSI) reflected a strong bullish momentum in the price. RSI is moving from the overbought region at 68.76 below the RSI SMA.
Summary
GALA price has been showing positive returns for the last six months. The price gained momentum after the bullish correction phase in January 2024. Analysts suggest Gala crypto holds growth potential and may rise toward the $0.1270 resistance after a decent bullish correction.
Technical Levels
- Resistance Levels: $0.0946 and $0.1270
- Support Levels: $0.0651 and $0.0494
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.