Gala Games (GALA) price action has entered complete free-fall as the once shining GameFi project crumbles amid an intense legal struggle between co-founders Eric Schiermeyer and Wright Thurston.
This comes amid allegations of theft amounting to $130 million in Gala tokens and corporate mismanagement by Thurston , alongside his investment firm True North United Investments.
It is alleged Thurston illicitly acquired approximately $130 million worth of GALA tokens tied to the Gala Games ecosystem.
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.
<oembed url="https://twitter.com/blue_punkrocker/status/1700922198083670362[/embed]The impact has been substantial, with leading centralized exchange Coinbase de-listing GALA tokens over the weekend – leaving ranks of bag-holders concerned about the future of the project.
GALA Price Analysis: Is Gala Games Going to Zero Amid Legal Drama? With the project’s future in doubt, Gala Games price action is in turmoil, with GALA currently trading at a market price of $0.013 (representing a 24-hour change of -4.44%).
Downside movements have gripped price action in recent weeks, following the sudden loss of 20DMA support on July 24.
TradingView / GALA USDT In the 49 days since losing the 20DMA, price action has bled-out a tumultuous -44.9%, with the descendant moving average forming a localised ceiling of impenetrable resistance.
Resultantly, GALA price is now trading below the prior all-time low at $0.015 (December 29, 2022).
This leaves no historical price levels remaining, exposing GALA to a complete free-fall as price action enters downside price exploration – depicted in the collapsing 200DMA.
Looking to psychological price levels, $0.0125 and $0.01 could form potential lower support levels.
The RSI is perhaps the last remaining hope for bag-holders as the brimstone of lawyers and lawsuits threatens to disintegrate the once promising future of GALA.
With the indicator cooled-off to a significant bullish divergence at 21 – consolidation could form here as markets await further updates from the unfurling legal saga.
However, the MACD conflicts this silver-lining, showcasing dramatic bearish divergence at -0.00023.
Overall, GALA is in free-fall, downside action is to be expected – and with an uncertain future bag-holders will be awaiting a much needed relief rally for a quick exit.
TradingView / GALA USDT With price in serious free-fall, upside potential is limited to yesterday’s high of $0.01495 (a potential +6.8%).
While to the downside, price could tumble to a lower psychological support level at $0.0125 (a possible -10.7%).
This leaves Gala Games with a risk: reward ratio of 0.63 – a bleak entry dominated by downside risk.
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