Is It Too Late to Buy GALA? GALA Price Soars 44% as New Crypto Casino Project Enters the Spotlight
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Gala Games (GALA) has undertaken an impressive relief rally as GALA price pushes up +44% in defiance of legal headwinds from bickering top brass.
CEO Eric Schiermeyer and Co-Founder Wright Thurston are expected to lock horns in an unfolding legal drama stemming from allegations of misappropriated GALA supply.
When news broke in early September, GALA price reacted with a near immediate sell-off that saw bag-holders suffer a -31% loss.
However, amid a broader resurgence in alt coin markets, powered by a Bitcoin price breakout, a +44% relief rally seems to have reclaimed recent losses.
GALA Price Analysis: Is it Too Late to Buy GALA After +44% Relief Rally?
As price action attempts to consolidate back above the $0.018 price level, Gala Games is currently trading at a market price of $0.0179 (representing a 24-hour change of -3.44%).
The $0.018 price level marks a a historic level of support, with price action finding feet here on June 10 and August 18, denoting it as a key area for GALA bulls to hold.
In a further display of strengthening technical structure, the relief rally hammered through resistance at the 20DMA on October 22 – clearing the way for the explosive upside move.
Upside movements were stalled yesterday by topside resistance at the historic $0.02 price level – a level last touched on August 30.
Turning attention to GALA’s indicators, the RSI topped out in the recent move, overheating to a significant 77.7, and now following the minor localised retracement has began to cool with the indicator still showing substantial overbought divergence at 71.96.
Meanwhile, the MACD is reflecting the bullish posturing with minor positive divergence at 0.00060 – in a small vote of confidence.
Overall, Gala Games appears on the recovery here, although price action remains vulnerable to the fresh developments from the co-founders legal dispute.
This leaves GALA with an upside target at $0.02 (a potential +11.36%).
While downside risk could see GALA fall back down to lower support at $0.015 (a possible -16.48%).
Gala Games therefore carries a risk: reward ratio of 0.69 – a bad entry sat atop serious downside risk, and quite possibly too late to buy GALA.
In other news, an emerging gamblefi play has captivated market attention following the success of Rollbit, with the TG Casino presale flying high to
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