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Gala (GALA) Jumps 33% in Last 24 Hours, Here Might Be 2 Reasons

Sat, 01/07/2023 - 11:40
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Tomiwabold Olajide
GALA kicking off new year with impressive price action
Gala (GALA) Jumps 33% in Last 24 Hours, Here Might Be 2 Reasons
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GALA, the native token that powers Gala Games, a platform for blockchain gaming, was a top gainer among major cryptocurrencies as its price suddenly shot up 33%. At the time of writing, some of the gains had eased, and GALA was up 26% at $0.026.

After a dull performance in 2022, GALA seems to be kicking off the new year with impressive price action.

Following months of steady price declines, GALA hit a base of $0.0154 on Dec. 30, from where the price initiated a recovery. Since 2023's start, GALA has seen six out of seven days in green. The Dec. 6 daily candlestick was the biggest as the price jumped from intraday lows of $0.017 to as high as $0.025.

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While interest in gaming and metaverse tokens seems to be reviving, related tokens such as Decentraland (MANA) and Sandbox (SAND) were enjoying gains of as much as 12% at the time of writing. Other positive factors might have contributed to GALA's spectacular price gain.

Why is GALA on rise?

A glance through the official Twitter handle of the Gala Games platform reveals ongoing discussions for its expansion in 2023.

According to a screenshot of a Discord conversation posted, 15 mobile games are being evaluated to be onboarded. Gala Games also announced that it has acquired a mobile gaming studio with over 20 million users.

The GALA community is also pushing for "complete burns," which are 100% of the GALA tokens used in purchases on the platform.

Gala Games is also developing a Layer-1 blockchain that will use the GALA token as gas; 50% of the gas collected will be burned, and the rest will be redistributed to founders, node owners and ecosystem partners.

On the upside, GALA has crossed above the $0.022 barrier at the daily MA 50, which has constrained its price action since early November 2022. A sustained break above this barrier might trigger further upside moves. In this scenario, GALA might target the daily MA 200 at $0.04 and then the $0.048 level next.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.