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Gala has displayed a strong bullish trend since the start of the year 2023, making it one of the best performers in the crypto market as it moved bounced from the $0.01 support floor to highs od $0.05. This uptick marked a 250% price increase from December lows.
The week beginning January 14, has been volatile for the GALA price as bears and bulls battled for control. Nevertheless, bulls appear to be taking the lead as the gaming token trades with a bullish bias on Sunday.
At the time of writing, the GALA token was trading at $0.05 after gaining 2.46% in the last 24 hours. Based on CoinMarketCap data, the gaming crypto has a 24-hour trading volume of $294.7 million and a live market capitalization of $346.4 million, placing GALA at #99 on the list of cryptocurrencies by market cap size.
Fundamentals Surrounding Recent Gala Price Gains
There are many reasons why GALA crypto has been recording massive gains. For starters, the ecosystem developers revealed a collaboration that has excited investors. From the announcement, Gala will be partnering with “The Rock” for a film production deal, a notable move given that Dwayne Johnston (The Rock) is one of the most popular stars in Hollywood today.
Benefactor said the following, “You’ve seen their work on screen (The Rock and Mark), but I think their presence might be even more powerful off-screen, and we are so happy to get the chance to work with them.” … https://t.co/kb0MvObCDG
— YoungTalents (@YoungTalentsFoo) January 18, 2023
Secondly, Gala developers have also disclosed plans to integrate mobile gaming into their ecosystem. The move is expected to allow developers to make Android and iOS downloadable games. Resultantly, the Gala network will enjoy a wider market given that there are more than 5 billion smartphone users across the globe.
👀@GoGalaGames acquired a mobile gaming studio with over 20M users!
More great news and huge changes. Find out more in the article.
Tags: #BlockchainGaming #GalaGames #Web3 #PlayToEarn $GALAhttps://t.co/iup0QuytMY
— eGamers.io – Play to Earn, NFT & Metaverse (@egamers_io) January 6, 2023
Another explanation for GALA’s positive trend is the newly introduced pay-by-burn mechanism. In a statement, Gala developers said that every purchase made in the Gala ecosystem using the GALA token would see the token burned.
Burning Gala means adding it to an emissions pool so that it will be re-emitted via the Founders Nodes in the normal distribution.
The developers also revealed that burning these tokens would deliver more utility to the Gala ecosystem. At the same time, the developers are also working on the Meow Match.
The Meow Match is a huge upgrade to the Gala network, with developers saying that the upgrade will be onboarded into the Gala Platform in Q1 of 2023. In the same period, they will launch Cat NFTs and change every earned in-game cat to claimable NFTs. By Q2, the developers will upgrade the Meow NFTs to use cat NFTs.
Will GALA Manage To Break Past $0.051?
After breaking the resistance at $0.04 on January 13, the GALA price has been consolidating between the $0.045 and $0.049 range. While the gaming crypto entered the weekend with bears leading, the price recovered on Sunday and has made up for all the losses made on Saturday.
At the time of writing, the GALA token is trading at $0.05, with bulls fighting to break out of the consolidation zone. An increase in buying pressure could set the right trajectory for the GALA token to retest the resistance at $0.051 and, in highly ambitious cases, record higher prices.
GALA/USD Daily Chart
The upward-facing moving averages support the bullish thesis for the GALA price. In addition, the 200-day Simple Moving Average (SMA) at $0.04 provides support for the GALA price after it was flipped from a resistance. Moreover, the relative strength index (RSI) at 67 suggested that buyers were in control of the market.
On the downside, if buyer momentum reduces and bears regain control of the market, the GALA price could drop below the 200-day SMA, invalidating the bullish trajectory. Such an outcome would open the path for further losses, potentially setting the gaming crypto to lose the $0.03 support.
Further down, the GALA price could drop to tag the 100-day and 50-day SMAs below the $0.03 zone and, in extreme cases, tag the December swing low at $0.01.
The MEMAG Presale Is Pumping
Meta Masters Guild (MEMAG) is a form of playing that ensures players enjoy the gaming industry. The game employs its native ecosystem’s currency, $MEMAG, that enables in-game rewards dubbed “Gems.” As a gamer, you are allowed to convert your Gems into MEMAG tokens. Alternatively, you can cash out and reinvest in the ecosystem in different ways.
The Meta masters Guild system enables players to invest their money into the game. This comes as creators look to deliver high-quality, blockchain-integrated mobile games as part of their mission to form a decentralized gaming ecosystem. With this, members can earn rewards and sustainably contribute to the ecosystems in exchange.
As of January 20, they had already reached upwards of $901,000.
🔥The #MEMAG train is moving full steam ahead! 🚂
We've officially passed the $750K raised milestone! 🎯
😎 Don't miss the opportunity to join the #MEMAGFAM and be a part of our success! 💪https://t.co/SBqVjX5mWn#mmg #memag #memagpresale pic.twitter.com/ZAsQZ5YY20
— Meta Masters Guild Games (MEMAGX) (@MEMAGgames) January 20, 2023
The total supply of MEMAG tokens is 1 billion, each going for $0.007 in the current first stage of the presale. The price is expected to go higher in the next stage, which means now is the right time to buy.
Read More:
- Meta Masters Guild Pulls in $100,000 in 24 Hours — Grab The Presale Price Now!
- “A bad dream”: investors trapped by the collapse of Genesis
- How to Buy Cryptocurrencies
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