The Gala coin price has fallen 55.46% in 2022 amid a flurry of activity by the Gala Games gaming company. Is now the best time to buy the GALA coin?
The short answer is yes; I would buy the Gala coin now based on what I see on the daily chart below since it is trading near a long term support level, which held in January and triggered a rally higher. Hence, we could get a similar scenario this time.
However, there is more behind my optimistic view of the Gala coin price than just the technical picture painted by the coin’s daily chart below.
Gala is one of the few cryptos with real-world value, given that the token represents the Gala Games ecosystem, a game publisher with a portfolio of popular games. Hence, there is actual value behind the token.
Gala Games was launched in 2018 by Eric Schiermeyer (the co-founder of game developer Zynga), Wright Thurston (crypto miner) and Michael McCarthy (the creative director behind viral games like Farmville).
The main goal behind Gala Games is to give players more control over the games they play and allow them to earn money from playing digital games using a play-to-earn model. The company also introduced non-fungible tokens (NFTs) derived from the games it publishes.
The company also created a blockchain network powered by the GALA tokens and built on the Ethereum network. Players can buy the GALA tokens and have complete control over the tokens, including the ability to transfer them to other users.
GALA token owners can participate in the governance aspects of the Gala blockchain network, where they can vote on which games the studio should publish games. The Gala blockchain operates via a network of founders nodes maintained by players, with over 16,000 nodes being operational.
Players who operate founder’s nodes are rewarded via the Gala tokens. Gala Games plans to establish multiple games studios to develop different games and create NFTs that can be sold to and owned by gamers.
In the past, gamers had no say in the games they played and did not earn from the game despite providing critical feedback to the game developers. Furthermore, the gaming studios made millions from games in advertising revenues.
Gala Games seeks to empower gamers by giving them more power over their games, allowing them to earn from their time playing games and giving their feedback.
The GALA token is trading near the $0.1814 support level and could rally to the $0.2714 resistance level next. However, a break below the $0.1814 support level would invalidate the bullish thesis.
*This is not investment advice. Always do your due diligence before making investment decisions.
Gala crypto price.
Gala crypto price has fallen 55.46% in 2022. Is now a good time to buy the token?
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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading