u.today
Popular trader Cameroun Fous has posted a concerning chart for Gala, the native token that powers Gala Games, a platform for blockchain gaming.
$GALA about to get bitch slapped sub .40's pic.twitter.com/wbYofHL1Z6
— Cameron Fous (@Cameronfous) January 19, 2023
The trader envisages a scenario in which Gala declines to sub-$0.040 levels. In this case, $GALA would have to drop further by more than 10% to reach this target.
At the time of writing, $GALA was down 12.2% at $0.044, in line with current market declines. Gala created a double top near the $0.055 level on Jan. 17 and has steadily dropped since then.
If the drop continues, $GALA might seek support next at the daily MA 200 at $0.040. In this scenario, the bulls may gather strength and pick up a rally to retest the $0.055 high once more.
According to Fous' chart, $GALA is still in an ascending trend on the hourly chart, so bulls may take advantage of the dip to push $GALA prices higher.
Gala is up 138% monthly
On the daily chart, $GALA is forming a triangular pattern that might lead into a breakout, although the possibility of further declines cannot be ruled out.
As reported by U.Today, Gala was a top gainer in January so far as gaming and metaverse tokens outperformed the broader markets. The gaming token is up 14.8%, 146.7% and 138.7% in the last seven, fourteen, and thirty days, respectively, according to CoinGecko data.
On-chain analytics firm Santiment named "whales," or "large holders," as those who pushed up the $GALA price. It observed that the number of $GALA transactions exceeding $100,000 returned to a two-month high as prices rose.
Gala's fundamentals remain a factor to consider. The broader market moves might, however, be more significant in this regard.