Gala Price Forecast: As GALA Plummets 9%, This New Meme Coin Challenger Boasts A 112% APY

Updated: 06 June 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The GALA price dropped more than 9% over the past 24 hours to trade at $0.01843 as of 8:15 am EST as investors continue to dump the altcoin.

Despite the recent loss, GALA’s weekly performance remained firmly in the green at +20%.

Gala Price Technical Overview

Daily chart for GALA/USDT (Source: TradingView)

GALA is at risk of dropping below the key support level at $0.01815 in the next 24 hours. Bears already attempted to force the altcoin’s price below this significant price point, but buyers were quick to step in and prevent this from happening.

Although bulls seem to be supporting GALA’s price, the potential for a drop below the key support still remains. Adding credence to this short-term bearish outlook is the fact that GALA has fallen below a strong positive trend line that had formed on its daily chart.

Should sellers succeed in pushing GALA’s value down to below $0.01815 in the next 48 hours, then the cryptocurrency could be at risk of testing the subsequent support level. In this scenario, GALA may drop to as low as $0.01585.

This bearish thesis could be invalidated if GALA closes today’s trading session above the aforementioned trend line that had formed on its daily chart. Reclaiming a position above the positive trend line could be taken as a bullish development by traders, which may lead to GALA attempting a challenge at the $0.02090 barrier. A daily candle close above this resistance level could then give GALA the foundation needed to continue climbing, and possibly reach as high as $0.02355 through the course of the following few days.

Technical indicators on GALA’s daily chart suggested that a bearish scenario may be more likely to play out in the coming 2 days. The daily Moving Average Convergence Divergence (MACD) was one of the indicators that favored a bearish scenario, as the MACD line was closing in on the MACD Signal line. This suggested that GALA’s negative trend that it has been in over the past 3 days may continue in the next 24-48 hours.

Supporting the bearishness expressed by the MACD indicator was the Relative Strength Index (RSI). A noteworthy technical flag was on the cusp of being triggered, as the daily RSI line was attempting to cross below the daily RSI Simple Moving Average (SMA) line. Should these two technical indicators cross, it could signal that sellers have gained an upper hand against bulls on GALA’s daily chart, which may be followed by a drop in the cryptocurrency’s price.

As GALA faces the threat of further declines, Meme Kombat is offering investors up to 112% Annual Percentage Yield (APY).

The Next Best Thing in the Meme Coin Sector

Meme Kombat is a meme-based gaming platform that allows holders of its native token, $MK, to place bets on battles scheduled to take place within the ecosystem. In exchange for placing bets, players stand the chance of winning big. More-hyped battles will also take place within the Meme Kombat world, giving users the opportunity to win very lucrative rewards.

MK holders will not need to wait for the launch of the Meme Kombat platform to start generating a return on their investment, as tokens purchased during the presale will be automatically staked. Through these staked tokens, investors can earn an APY of up to 112%.

A Possible 10X Opportunity

WE DID IT FIGHTERS!

We reached $1 MILLION in our presale raise🔥⚔️ pic.twitter.com/SvCu1zoj36

— Meme Kombat (@Meme_Kombat) November 1, 2023

Anyone looking to take advantage of the high APY up for grabs through Meme Kombat’s staking program can do so by purchasing MK tokens, which are selling for just $0.1667, on the project’s website. Investors will need to hurry, as MK’s price is scheduled to increase within the next 48 hours.

The project has now crashed through $1 million raised via the presale of its native $MK token.

The meme coin sector has been very popular amongst cryptocurrency investors during this bear market. Given the higher degree of utility offered by Meme Kombat compared to other popular meme coins, it may become the next best thing in the market.