Gala Games (GALA) continues to tumble in the aftermath of a legal dispute between co-founders Eric Schiermeyer and Wright Thurston, which has so far seen GALA bleed-out -32%.
In the latest move, the allegedly stolen assets have been frozen and secured
reports suggest, pending the case, leaving some $GALA bag-holders anticipating a pause in the free-fall as risk to the ecosystem reduces. GALA Price Analysis: Is Gala Games Going to Zero Amid Legal Fight?
As price action continues to post new all-time lows, Gala Games is currently trading low in the channel at a
market price of $0.013 (representing a 24-hour change of -2.59%).
This comes following a failed +10.8% bounce from support at $0.01375, which triggered on September 13, before heading into complete retracement on September 17.
TradingView / GALA USDT
Price action remains trading significantly below the descendant 20DMA (currently stood at $0.015).
The 20DMA has formed a capstone of unbreakable resistance for GALA price action since July 24, effectively supressing any upside move for 59 days.
Meanwhile, the 200DMA remains high above price action, gently descending at $0.028 – in a reflection of the bleak price action this summer.
GALA’s indicators provide some relief for underwater bag-holders, with the RSI cooled-off to a significant degree at 25.70 – a clear oversold signal.
While such a low reading on the RSI would normally indicate an imminent upside move, given the strong fundamental headwinds faced by Gala stemming from the irresponsible legal dispute between Co-Founders – it is likely the RSI will remain at an over-sold signal for a significant period of time.
The MACD also offers a glimmer of hope, with the indicator currently stood with minor bullish divergence at 0.00009.
GALA price action is miserable here, with cascading tumbles continually creating new all-time lows, and a heated dispute at the steering wheel – downside action is likely to continue unless GALA can bounce above the 20DMA. TradingView / GALA USDT
To the upside, this leaves price action capped by moving average resistance at $0.015 (a potential +10.95%).
While downside risk continues price exploration, with a tumble to lower trendline support at $0.0123 likely on the cards (a potential 9.02%).
This leaves GALA facing a risk: reward profile of 1.21 – a mediocre entry, overshadowed by severe fundamental weakness.
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