Grote verscheidenheid aan spellen
Gala Games is a blockchain-based play-to-earn platform that empowers players by giving them control over their in-game assets with straightforward mechanics everyone can enjoy. Players truly own what they win, and their assets are verifiable on the blockchain, making them tradeable or usable within the game. Gala Games addresses a significant issue faced by video game players in the past.
While Gala Games operates on the Ethereum blockchain, it has also partnered with the Polygon network. The GALA token serves as the platform’s utility token, enabling users to buy in-game items and assets within games hosted on the Gala Games platform. These assets are often represented as NFTs (Non-Fungible Tokens) on the blockchain. However, it’s important to note that GALA tokens do not represent any equity, rights, or ownership in Gala Games itself.
Nevertheless, GALA holders can participate in governance decisions related to the Gala Games ecosystem, such as voting on proposals or platform rule changes. Early in 2023, GALA saw a significant price surge, rising from $0.015 to $0.062 in under a month. Since then, however, the price of GALA has dropped significantly and is currently hovering near its all-time low of $0.013.
Gala Games’ Leadership Caught in a Dispute
While overall market sentiment plays a role in GALA’s downturn, there are also numerous rumors surrounding Gala Games. The latest news indicates that Gala Games’ leadership, including CEO Eric Schiermeyer and co-founder Wright Thurston, are involved in a conflict marked by two lawsuits. Schiermeyer claims Thurston unlawfully acquired and traded $130 million worth of GALA tokens.
Simultaneously, Thurston is counter-suing Schiermeyer, accusing him of mismanaging company assets and engaging in deceptive practices. Schiermeyer’s lawsuit also involves Thurston’s company, True North United Investments, alleging the following:
“Last year, Thurston and/or True North began moving stolen tokens from those wallets and exchanging or selling them in a complex web of transactions designed to conceal their actions. He managed to exchange, hide, or sell roughly $130 million worth of stolen GALA before Gala Games could intervene.”
Meanwhile, Thurston’s lawsuit accuses Schiermeyer of wasting about $600 million in Gala assets and shareholder investments, demanding Schiermeyer’s removal as director for “corporate waste, conversion, and unjust enrichment.”
On a more concerning note, there has been a significant decline in large whale transactions for GALA over the past few months. A drop in whale activity (transactions of $100,000 and above) often signals a loss of confidence in the coin’s short-term prospects.
This negative momentum could drive GALA to test its critical support level at the $0.010 psychological mark. At this point, there’s no clear indication of a rebound for GALA’s price.
GALA remains highly volatile and risky, but broader market dynamics also influence its price. Analyst Benjamin Cowen suggests that Bitcoin may continue its downward trajectory in the coming weeks, and as Bitcoin’s price drops, GALA and other cryptocurrencies could also experience declines.
Market uncertainty persists, with analysts fearing the U.S. Federal Reserve could continue with restrictive interest rates, raising concerns about a potential recession. This could weigh heavily on both stocks and cryptocurrencies.
At its recent policy meeting, the Federal Reserve kept interest rates unchanged but indicated the possibility of another rate hike this year. Nomura strategist Charlie McElligott pointed out:
“The Federal Reserve signaled another rate hike is coming this year, and its hawkish stance remains. The recent downturn in U.S. stock prices could trigger ‘mechanical selling,’ accelerating the downside movement.”
Technical Breakdown for GALA
GALA has dropped from $0.062 to $0.012 since January 29, 2023, and currently trades at $0.013. On the chart below, I’ve drawn a trendline, and as long as the price remains below this line, we cannot consider a trend reversal, keeping GALA in the SELL-ZONE.
Belangrijke ondersteunings- en weerstandsniveaus voor GALA
On the chart from March 2023, I’ve marked key support and resistance levels to assist traders in predicting price movements. GALA is under pressure, but if the price climbs above $0.020, the next resistance could be at $0.030. The key support level is at $0.010, and a break below this level would trigger a “SELL” signal, with the next support level at $0.0050.
Why the GALA Price Might Increase
The potential for GALA to rise in the coming weeks remains limited. However, if the price breaks above $0.020, the next resistance could be at $0.030. Traders should keep in mind that GALA’s price is often correlated with Bitcoin. If Bitcoin surges above $28,000, we may see GALA’s price rise as well.
Why the GALA Price Might Continue Falling
GALA remains an unpredictable and highly speculative investment. Investors should remain cautious when dealing with this cryptocurrency. Negative rumors surrounding Gala Games persist, and the macroeconomic environment remains uncertain.
The U.S. Federal Reserve kept interest rates unchanged but flagged another rate hike for later this year. Analysts are concerned that an aggressive Fed could lead to a recession, affecting the prices of stocks and cryptocurrencies alike.
Inzichten van analisten en experts
Due to the ongoing negative rumors surrounding Gala Games, GALA is currently trading near its all-time low of $0.013. The leadership dispute between CEO Eric Schiermeyer and co-founder Wright Thurston adds further uncertainty, and at present, analysts see no positive signs for GALA’s future performance.
Many analysts note that the decline in whale interest in GALA signals that prices could remain low. Furthermore, macroeconomic uncertainties persist as central banks continue efforts to combat inflation, which could negatively impact riskier assets like cryptocurrencies.
The Federal Reserve has signaled a possible rate hike later this year, and Nomura strategist Charlie McElligott emphasized the risks of a broader market downturn, which could further depress asset prices, including cryptocurrencies like GALA.
Disclaimer: Cryptocurrencies are highly volatile and not suitable for all investors. Only invest money you can afford to lose. The information provided is for educational purposes and should not be considered financial or investment advice.
