In an intriguing market twist, GALA, has experienced a precipitous price decline of 7.5% over the past week. The cryptocurrency’s underperformance was seen on a day when the general crypto market was facing just a moderate 1% dip. The seemingly stronger headwinds GALA faces compared to its counterparts can perhaps be attributed to the legal wrangling that persistently surrounds its co-founders. Interestingly, against these challenges, the crypto asset has seen a 20% dip since the year’s dawn, when a majority of major currencies have experienced upward trends.
Nonetheless, despite this wave of challenges, some still argue that GALA is fundamentally as strong as it was before the legal issues surfaced. The recent increase in its trading volume, they argue, though perceived negatively by others, indicates its potential to rebound significantly.
There are, however, signals of bothersome health for the coin. Indicators such as GALA’s Relative Strength Index (RSI), which remains below 30, and its 30-day moving average, which has stayed significantly below the 200-day average for several months, paint a turbulent picture. Further, the coin’s medium-term support has been in a consistent decline, signalling potential long-term descent. The catalyst for this potential downtrend is largely believed to be the legal wrangles involving its two co-founders, Eric Schiermeyer and Wright Thurston.
While Gala Games insists that its operations are not impacted by the standoff, the market seems to hold a contrary view, judging by the steady devaluation of GALA. This decline relates to the uncertainty surrounding the timeline for the resolution of the legal battle. Unfortunately, this could mean a further fall in the value of GALA, perhaps even below the $0.010 threshold.
Contrarily, GALA remains on the backdrop of an active network and could still ride the turbulent waves. Moreover, with its 1.3 million monthly active users, and its acquisition of mobile game developer Ember Entertainment, it stands a chance to bounce back and experience growth.
In regard to altcoin enthusiasts in search of higher returns, the market holds a plethora of fresh options. One particularly exciting prospect is Bitcoin BSC (BTCBSC). This BNB Chain-based cryptocurrency has managed to raise an impressive $4.2 million at the beginning of this month, and its landmark offering is a stakeable version of Bitcoin. The coin, like its namesake, shares the hard cap of 21 million tokens, and its sale price of $0.99 provides investors another opportunity to stake in a new, deflationary asset. With its inevitable addition across several trading platforms, the coin is poised to surpass its sale price substantially. It, however, pays to remember that crypto investments are high-risk ventures that could lead to a total loss.
Source: Cryptonews
