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Gala Games token continued its recovery this week as demand for gaming cryptocurrencies rebounded.
Gala (GALA) jumped to a high of $0.0217, its highest point since Aug. 27, and 61% above its lowest level this year. This rebound has brought its market valuation to over $859 million.
Gala’s recovery occurred as other gaming tokens like Immutable X (IMX), Beam (BEAM), and Ronin (RON) rallied. All these coins have risen by over 20% in the last seven days. As a result, the total market capitalization of all gaming tokens tracked by CoinGecko has jumped to over $17.16 billion.
Gala’s rally is also linked to a recent post on X, in which the developers teased a major announcement expected this week.
🎮 BIG ANNOUNCEMENT COMING SOON! 🎮
— Gala Games (@GoGalaGames) September 21, 2024
A massive announcement is dropping next week, and if you’re not in Benefactor’s Channel, you’re missing out on the action! 🔥https://t.co/Cd0oxT1His
🎮 Join Benefactor's Channel NOW!#GalaGamesX #BigAnnouncement #NextLevelAlpha #DeFiGaming pic.twitter.com/QiJQCTJbKV
It is still too early to predict the nature of the announcement, but based on past statements, there are indications that it could involve the launch of TREZ, an upcoming token for Gala’s tap-to-earn ecosystem.
In a statement earlier this year, the developers noted that its tap-to-earn ecosystem had accumulated over 3 million users across games like GALACoin, Music Coin, and Treasure Tapper.
Telegram tap-to-earn games have become highly popular among users, and Gala hopes to become a significant player in this space. Most of the existing games like Hamster Kombat, Notcoin, Catizen, and Avecoin have chosen to operate on the TON Blockchain, which was developed by Telegram.
Tap-to-earn networks allow users to accumulate tokens by tapping a button on a mini app or completing simple tasks, such as following an X account or watching YouTube videos.
Users accumulate tokens and can cash out when an airdrop occurs. Networks like Catizen and Notcoin have already launched their airdrops, with their tokens valued at over $300 million and $786 million, respectively.
Gala token hits a key resistance
The Gala token bottomed out at $0.0134 in August and has since bounced back by over 60% to $0.021. It recently crossed the 50-day moving average and retested the key resistance point at $0.021, its highest swing since Aug. 25, and the neckline of the double-bottom pattern.
The Relative Strength Index and the moving average convergence/divergence indicators have continued rising, meaning that it has momentum.
Therefore, Gala will likely continue rising as bulls target the next key resistance point at $0.027, its highest point on July 21.