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Is Gala Going to Zero? GALA Price Drops 1% as New Bitcoin Start-up Surges Past $4 Million Milestone

Sam Cooling
Last updated: | 5 min read
Source / Sam Cooling x Ractapopulous

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%.

It is alleged Thurston illicitly acquired approximately $130 million worth of GALA tokens tied to the Gala Games ecosystem. 

But Thurston’s counter-claim alleges Schiermeyer lent Gala’s funds to himself for personal use, and even purportedly created Gala-related entities in Switzerland and Dubai, positioning himself as the controlling shareholder to pursue his own business interests.

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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.

Overall, 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.

But while GALA holders face despair, smart money are undertaking a lucrative capital rotation into an emerging Bitcoin derivatives presale that offers the opportunity to supersize your portfolio’s gains.

Meet Bitcoin BSC: Delivering a New Era of Bitcoin Staking On-Chain With +$4M Raised

Source / Bitcoin BSC

On-Chain Summer has given rise to an emerging vertical of Bitcoin off-shoot projects. While the term “Bitcoin derivative” might raise eyebrows, here’s what it signifies: a digital asset that leverages the strengths of Bitcoin and, at the same time, offers enhancements to rectify its challenges.

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Delivering Staking to Bitcoin: How Proof of Stake Changes the Game for Holders

Source / Bitcoin BSC

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Seize the Moment: The BTCBSC Presale Surges to $3M+ Raised in First Week

Source / BTC BSC

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The parallels to the surges seen in other Bitcoin derivatives, like BCH and BTC20, cannot be ignored.

Source / Bitcoin BSC

BTCBSC is poised to not only emulate, but potentially surpass these successes, especially with its strategic staking model.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.