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Gala Price Turns Down On Hollywood Star Collaboration News

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Gala (GALA) has been volatile for the past few days, consolidating between the $0.06 and $0.04 range as bears and bulls battle for control. The GALA price broke out on January 6, moving from $0.017 to $0.05 on January 13, marking a 194% rise in seven days, a 255% increase for the year 2023.

At the time of writing, the GALA price was trading at $0.049 after losing 7.03% in the last 24 hours. The gaming crypto is recording a 24-hour trading volume of $536 million and a live market cap of $344.2 million, which puts it at #96 on CoinMarketCap list.

The recent price volatility and bear outlook for the GALA coin comes in the wake of uncertainty about Gala Games collaborating with Hollywood stars for an NFT project. The pulling down of a post that had initially excited the GALA community sparked fear among token holders, fueling a sell-off. This, coupled with investor fears after a tumultuous 2023, explains the ease of bulls fleeing the market at the slightest indication of trouble.

Gala Games To Collaborate With Hollywood Stars For Gala Films NFT Project

In a recent report, Gala Games brought an incredible twist to blockchain gaming. This stemmed from its collaboration with Hollywood stars Dwayne ‘The Rock’ Johnson and Mark Wahlberg for its upcoming NFT games. Following this news, Gala Game’s native token, GALA, instantly doubled in value as news spread that Gala Film plans to use $GALA as its native token since all of its projects will take place on the blockchain. 

The team shared their Discord announcement on Twitter. Nevertheless, things changed when the platform quickly deleted the post as fans wondered if the news was fake.

However, a Gala Games representative has confirmed the collaboration saying:

The announcement post was intended to be a private post for the Discord community and should not be shared in a public place. It was also part of a larger conversation in Discord about where Gala Film was headed.

Gala Games also took advantage of the confusion to advertise an AMA, saying, “Now we’ve got your attention… want to find out more about our partnership with Mark Wahlberg’s, Unrealistic Ideas? Check out our recent Entertainment AMA.” Notably, the partnership news was accurate, and  Gala Games has confirmed to its 414.5K followers on Twitter.

According to the anonymous spokesperson, Gala took the tweet down out of respect for all involved partners but committed to sharing more about the projects soon.

Gala Games has also notified Node owners to upgrade their node software to the latest v3 if they want to keep receiving rewards.

Will GALA Price Breach The Resistance At $0.0545

GALA is currently trading at $0.0495 as bulls fight the critical resistance from the $0.0545 supply level. The GALA price attempted a breakout past this zone during Tuesday’s trading session, but due to supplier congestion from this area, the bulls were forced to retreat toward the $0.05 psychological level.

If demand pressure increases from the current levels, it could open a path for the GALA price to rise toward the $0.05 resistance level, embraced by the 100% Fibonacci retracement level. Overcoming this barrier would open the way for a rise toward the $0.07 psychological level or the 123.6% Fibonacci retracement level at $0.0735. Such a move would constitute a 48% leap from the current price.

GALA/USD Daily Chart

GALA price chart Jan 18
TradingView Chart: GALA/USD

Key technical indicators supported Gala’s positive outlook. From the chart above, it is clear that the GALA price sits on strong support downward offered by the 200-day Simple moving average (SMA) at $0.04, the 100-day SMA at $0.029, and the 50-day SMA at $0.026. These mark possible regions of buyer congestion and are levels where the GALA price may find support if bulls lose ground in favor of bears.

The Moving Average Convergence Divergence (MACD) indicator was moving upward above the zero line in the positive area, signifying that bulls are controlling the Gala market.

On the flip side, the relative strength index (RSI) at 76 was moving within the overbought region, suggesting that the market could soon be due for a force to the downside. As such, failure to overcome the $0.0545 resistance would trigger massive sell orders, sending the price lower to retest the $0.037 support level and, in extreme cases, tag the $0.0154 swing low.

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