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The Gala price has rallied more than 12% over the last 24 hours to trade at $0.02036 as of 2:30 a.m. EST, as gaming cryptos led the gains on Monday.
GALA token was among the best-performing cryptocurrencies over the weekend as it rallied more than 34% between Friday and Sunday to reach a high of $0.0222. Other GameFi tokens also posted impressive performance including Axie Infinity (AXS), which is leading the gains today after climbing 16% over the last 24 hours to $5.79.
Top Gainers Today
Other gaming tokens, such as Decentraland (MANA) and The Sandbox (SAND), are also among the top gainers today after posting 6% gains each over the same timeframe, as shown in the figure above.
Gala’s relief rally, which began on Oct. 19, has seen the price break above key levels, including a major descending trendline on the daily chart as pointed out by X user Captain Faibik. This crypto analyst is bullish on the token, projecting a 380% price growth after the latest breakout.
$GALA #GALA has Successfully broken a Major Trendline and has Entered Bullish Territory. 📈 https://t.co/v2IksuTm4b pic.twitter.com/FqzmZuyqME
— Captain Faibik (@CryptoFaibik) October 30, 2023
Gala Price Faces a Stiff Hurdle Around $0.0215
GALA price action had formed a bullish flag pattern as seen on the four-hour chart. This meant that if Gala’s price breached the resistance line of the flag at $0.0208, it would soar 25% towards the optimistic target of the chart pattern around $0.0261.
Before reaching this target, GALA would have to confront resistance from the psychological level at $0.024. However, the token hovered around $0.0205, as it fought the immediate resistance at $0.0215.
This was the toughest hurdle in the meme coin’s upward path as sellers aggressively defended this supplier level between Aug. 14 and 17.
GALA/USD Four-hour Chart
Supporting the stiffness of the barrier at $0.0215 was the In/Out of the Money Around (IOMAP) model by IntoTheBlock. This on-chain metric revealed that the resistance at $0.215 was within the $0.0209 to $0.0217 price range, where more than 1,420 addresses bought roughly 89.99 million GALA tokens.
GALA IOMAP Chart
This level is crucial in determining the direction the token takes. A candlestick close above this resistance would clear the path for GALA to reach the target of the governing chart pattern earlier determined.
The bullish outlook was accentuated by the Moving Average Convergence Divergence (MACD) indicator which was moving upwards. Its position at 0.00104 above the neutral line suggested that the bulls still dominate the market.
Conversely, a four-hour candlestick close below the $0.0198, embraced by the lower boundary of the flag, would trigger massive sell orders that could see GALA slump toward the support recently established at $0.0193. Below this level, the price could slide lower toward the start of the flag’s post at $0.0176, invalidating the northward forecast.
In other news, an emerging GameFi project has captured the market’s attention in recent weeks following the success of its native token $MK in presale.
GALA Alternatives
Meme Kombat (MK) seeks to reignite meme mania in crypto through a platform for battling popular internet memes and betting on match outcomes using its native $MK token.
The presale has raised over $860,000 as it edges close to its $1 million goal. The current presale stage ends on November 2, when the price per token will increase from $0.1667 to $0.183. The brisk sales pace suggests this stage could finish ahead of schedule.
One does not simply…
But we did it. We passed $800k in presale fighters🤜 🤛 pic.twitter.com/dVT8fUYI0p
— Meme Kombat (@Meme_Kombat) October 28, 2023
Meme Kombat is the brainchild of Matt Whiteman, an executive at the NFT analytics firm North Technologies. His background in the NFT space has helped generate interest in the project among Web3 investors.
The project has also received coverage from major cryptocurrency publications like Cointelegraph and Coinpedia. Several crypto YouTubers with hundreds of thousands of subscribers have also spoken positively about Meme Kombat’s potential.
The project appeals to meme coin enthusiasts by featuring characters like Doge, Shiba Inu, and Pepe. But it also offers utility through gaming, gambling, and staking features. For example, token holders can stake their $MK to earn yields of up to 112% APY.
With crypto emerging from a bear market, meme coins could drive the next bull run. Meme Kombat’s unique combination of memes and utility could make it a breakout success if it continues to gain traction.
Visit Meme Kombat here for more information on how to participate in the presale.
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