Is GALA Going to Zero? GALA Price Turns Red as Viral New Meme Coin Locks $500,000 in Funding
Source / Sam Cooling x Stevepb
Gala Games (GALA) is once again in trouble as price action struggles to push back up above the 20DMA, however, a new partnership with an emerging regenerative agriculture documentary featuring Woody Harrelson could trigger renewed interest in the fleeting project.
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
While 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.
Yet, the partnership
announcement with the ‘Common Ground’ documentary film, a sequel to the successful ‘Kiss the Ground’ predecessor could trigger renewed interest in GALA, with new money drawn in by big names such as Woody Harrelson. GALA Price Analysis: Is GALA going to Zero? Or Will Woody Harrelson Save the Day?
As Gala Games price action appears to bottom-out, GALA is currently trading at a
market price of $0.013 (representing a 24-hour change of +0.52%).
This comes as GALA price attempts to consolidate, after a -8.5% tumble on October 9 saw price tumble back below the 20DMA (which is sat at $0.014).
TradingView / GALA USDT
Loss of 20DMA support has proven catastrophic in recent months, the last time GALA sank below this moving average level price action remained suppressed for 67-days – leading to a value loss of -46%.
The 200DMA continues to trade high above GALA’s descendant upper trendline, with the moving average currently sat at $0.025.
Yet, there could be an emerging glimmer of hope as Gala Games bulls attempt to mount a double-bottomed support level at $0.013 – if this succeeds in returning price back above the 20DMA it could trigger an upside move.
Meanwhile, GALA’s indicators also provide some relief – with the RSI cooled-off to a bullish oversold signal at 41.
This is matched by a completely neutral MACD at 0.00 – highlighting the decisive nature of ongoing price action.
Overall, the 20DMA forms the key level to watch in coming days, if GALA price can push-up above this level – in a strong display of technical strengthening – upside movements could be expected.
However, this comes against a backdrop of multi-month downside price action triggered by serious fundamental headwinds – so caution should be exercised.
TradingView / GALA USDT
To the upside Gala Games has a target at $0.0146 (a potential +7.35%).
While downside risk here could result in a drop to $0.012 (a possible -11.76%).
Gala Games therefore carries a risk: reward ratio of 0.62 – a weak entry dependent on highly decisive price action.
Yet, while Gala Games fights for survival, smart capital is flooding into an emerging meme coin presale with the propensity to rival big coins like PEPE and SHIB.
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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.