Gala Price: Why is GALA Token Pumping?

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With the crypto weekend rally that saw Bitcoin hitting the sought after $70,000 milestone, and Ethereum nearing its peak of $4,000 there has been a rise in the performance of GameFi tokens. Notably Gala (GALA) has captured attention by surging over 60% in the week. Surpassing the $2 billion market cap threshold Gala has swiftly become a topic in the realm of crypto. Given this scenario it’s intriguing to delve into the factors propelling Galas price increase.

Price Performance of Gala Price

GALA’s market performance paints a picture of a token on the rise. The token has showcased growth in its value and activity across various metrics. Its price has surged with a 64.00% increase in the past week. Having experienced a 20.27% increase in market capitalization to reach $2.2 billion, GALA holds the 54th position according to CoinMarketCap. Its trading volume  also experienced a 113.7 increase over the past 24 hours reaching $1.76 billion. This surge in trading volume indicates heightened investor interest and activity surrounding the token. Its circulating supply stands at  29.3 billion GALA.

Looking at GALA’s price performance over the past 24 hours, we observe a trading range between a low of $0.06098 and a high of $0.08587. This price volatility highlights GALA’s dynamic nature and its potential for significant price movements within short time frames. 

The reasons behind the Rising of Gala Price

GALA  has experienced a significant rise in price, with several factors contributing to this surge:

1. Partnership Announcements

Gala Games recently announced a collaboration with Alienware and Amazon Web Services (AWS) to host a hackathon event at the 2024 Game Developers Conference (GDC), with a prize pool of $1 million. The 24-hour event, for in-person and online participants, will use Gala’s GalaChain SDK to create projects on the blockchain for games like Spider Tanks and Legacy. 

This collaboration showcases Gala Games’ dedication to promoting innovation in the gaming industry and providing developers with access to advanced technology and resources. Utilizing GalaChain’s capabilities, participants can explore new possibilities in game development, such as next-gen upgradeable NFTs seen in titles like Champions Arena.

The hackathon partnership serves as a catalyst for Gala’s price increase by enhancing its visibility and credibility within the gaming industry. As Gala Games continues to forge alliances with industry giants, investors’ confidence in the platform’s potential for growth and innovation increases, contributing to the upward course of Gala’s price.

We’re collaborating with @AWSGameTech and @Alienware for an epic hackathon at GDC

Dive into #GalaChain and build for a 24-hour frenzy for your shot at a piece of the total prize pool worth $1m

Registration is open!

https://t.co/srW9hkByPA pic.twitter.com/vMG2CX5n0e

— Gala Games (@GoGalaGames) March 6, 2024

2. Increased Trading Volume

The substantial increase in trading volume by 102% to $1.741 billion in the past 24 hours indicates heightened activity and engagement within the Gala market. This surge suggests increase in buying interest among investors, as more participants enter the market seeking to acquire Gala tokens.

As trading volume soared, demand for Gala increased significantly. As the number of purchasers increased, there was a greater demand for Gala tokens compared to the limited supply, resulting in a price increase. Sellers likely raised their prices to meet the increased demand, causing Gala’s price to rise by 14.64% in the last day.

Increased liquidity and market depth led to smoother price movements and reduced volatility, potentially attracting more investors and boosting demand and prices in the market.

3. Positive Sentiment and Technical Indicators

Indicators like MACD and moving averages show positive signs for GALA’s price, boosting investor confidence and driving upward momentum. Both the 50-Day and 200-Day EMAs are in buy territory with values of 0.03647 and 0.02854 respectively, indicating a positive trend in both short-term and long-term prices. The MACD Level (12, 26) at 0.00978 confirms a buy signal, showing positive short-term momentum with a bullish crossover.

What Next for Gala Price?

With an RSI value of 77.13930, GALA is currently in the overbought territory, indicating the possibility of the asset being overpriced and facing a potential price adjustment soon due to investors capitalizing on gains.

Support levels at $0.06500 and $0.06300 represent price levels where buying interest may emerge, potentially providing a floor for GALA’s price. Conversely, resistance levels at $0.06800 and $0.07000 indicate areas where selling pressure may intensify, potentially limiting further upward movement.

Traders may consider waiting for a potential pullback or breakthrough of resistance levels before making trading decisions.

Understanding Gala Games

Gala Games is a decentralized blockchain gaming platform with 16,000 player-operated nodes globally, offering a unique approach to gaming. Created by top game developers, it aims to revolutionize the industry by using Web3 and blockchain technology to give value back to players.

The post Gala Price: Why is GALA Token Pumping? appeared first on CoinGape.

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