Gala continues to dominate the crypto market, makes a new ATH

GALA token continues to tear down all the barriers to the price action, showing tremendous growth in its trading volume.

GALA is the governance token of a gaming platform by the same name and provides “blockchain games you’ll actually want to play,” as explained by TheCoinRise.

As per data from CoinMarketCap, the token opened the market today at $0.3546 and rose to a daily high of $0.48816, which is the new all-time high for the token. The coin is up by more than 26.85% for today, at 12:49 PM GMT. 

The crypto rose from 379.2% in the past week, diminishing the likes of Shiba Inu and Dogecoin. The rising trading volumes hints at the increasing interest of investors in blockchain-based gaming. 

GALA analysis on the 4-hour chart

In the chart below, the formation leading to the new all-time high is clearly seen. The traders have backed this current as it continues to accelerate above the 50-day and 100-day Moving Averages. This suggests that the entire momentum has been bullish for the past few weeks. 

Data from CoinGecko supports our analysis, claiming a 399.7% rise in the past 14 days, followed by 444.4% in the last 30 days. This means that you could’ve quadrupled your profits in the past 30 days. 

On the other hand, GALA prices broke out from the upper end of the Bollinger Bands, breaking all the barriers. Multiple such occasions have been noted. Currently, the prices continue to rest in the upper end of the Bands.  

Chart By TradingView

The RSI levels are high, pushing into the overbought zone. The line gradient is negative, indicating that investors might witness a few bearish 4-hour candles.

This analysis is further supported by the MACD indicator for GALA 4-hour chart. We can see that the blue (MACD) line continues above the signal line (orange line). This indicates that the buying pressure for future action will dominate the selling pressure.

Chart By TradingView

The data from Dapp shows that a rise in the trading volume and number of active holders of the GALA token. The active addresses have surged by 279.95% in the last seven days, while the number of holders rose by 13.79%. The increase in holders and wallet addresses indicates increased adoption, and higher prices will follow.

Data from Dapp

TheCoinRise reported that the integration of blockchain and NFTs into gaming industry will be something to watch as even companies like Ubisoft also enter the blockchain gaming industry.