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GALA token made 5.57% gains on Sunday after a long week of bearish movement. Investors are curious whether this rise will lead to a bullish trend similar to the one observed last month.
However, the token is down 60% over the last year and more than 97% from its all-time high of $0.83. While the recent climb might create short-term optimism, investors have started looking for alternatives offering better returns.
GALA’s Price Analysis – Will Recent Rise Continue?
Having demonstrated impressive performance over previous months, GALA’s price peaked at $0.06 in January before encountering a significant decline initiated by bearish market sentiment. This decline led the price to hit a low of $0.02, a point that established a robust support level.
GALA’s price has consistently traded below its 50-day Exponential Moving Average (EMA), reflecting a prevailing bearish influence on its trend. Only recently has the price displayed signs of a potential bullish reversal.
The token price increased considerably in the past 24 hours, but it hasn’t yet been able to climb up beyond its high for the month. However, if the positive development continues, the token could shift to a bullish trend.
To validate this shift, GALA’s price must breach and close above key Fibonacci retracement levels, specifically 23.6% ($0.027) and 38.2% ($0.03).
If this breakthrough happens, a bullish rally is anticipated to propel GALA’s price toward the upper range of $0.045 and even as high as $0.066.
Analyzing the MACD and RSI indicators reveals a bullish price movement for the token.
Significant daily resistance levels for GALA are located between $0.027 and $0.03, while major daily support is established around $0.02.
That said, the token is only 50% above its all-time low for the year, although it had previously peaked at almost 300% from that price. If this pattern is to repeat, investors can expect a quick prolonged correction once the token makes any gains.
Given these factors, it’s best to explore other options to minimize the risks and maximize the potential to make profits. Before we take a look at the alternative options available, let’s go over the fundamentals of the Gala project to understand the possible developments that could influence the token’s price.
What is GALA?
GALA is the digital token for Gala Games, a blockchain-based gaming platform. This platform lets players earn cryptocurrencies and NFTs while playing games. The platform works on the Ethereum blockchain, with GALA as the native currency.
The Gala ecosystem provides a decentralized platform for game developers to create, distribute, and monetize their games. At the same time, players can use Gala tokens to make in-game purchases, trade virtual items, and participate in various gaming activities.
Gala Games give players complete control over their in-game stuff. Unlike traditional setups where items vanish after bans or shutdowns, here, players keep what they earn.
What could it be? Any guesses? 🤔 pic.twitter.com/HkWABqk5L1
— Gala Games (@GoGalaGames) August 2, 2023
Gala Games is like a digital game hub, similar to stores like Steam or GOG. However, all games are free and accessed via a special app on the blockchain.
Wall Street Memes – Better Alternative To GALA?
Wall Street Memes has been making waves with its WSM token sale, raising over $21.6 million so far. The project has caught attention, with investors snapping up $WSM tokens rapidly at over $100,000 daily.
Originating from the 2021 movement where small investors challenged Wall Street, Wall Street Memes aims to tokenize this movement. They’re expanding in cryptocurrency through the $WSM token presale and creating Ordinals NFTs on the Bitcoin blockchain.
The strength of Wall Street Memes lies in its large and engaged community, with over 1 million members across social media.
Experts predict that the sizable Wall Street Memes community makes a listing on top crypto exchanges likely, potentially driving growth for $WSM and pushing its market cap beyond $1 billion.
They’re also focusing on empowering the community, allocating 30% of the token supply for rewards, including possible airdrops.
Wall Street Memes could attract investors and traders with a strong community and social media strategy. Experts see promising prospects for $WSM when it lists on exchanges, making the presale attractive to investors looking for potential gains.
With such strong fundamentals, the project displays a solid potential for lucrative gains.
You can get $WSM on Ethereum and Binance Smart Chain using ETH, BNB, or USDT through your crypto wallet on the Wall Street Memes website.
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