In an ongoing retest of historic resistance, Gala Games (GALA) has tumbled -5% overnight, leading some concerned bag-holders to ask ‘is GALA going to zero’?
The downside move comes as GALA enters a third day of resistance testing at the $0.20 level – following a strong recovery from foundational support at $0.013.
Gala Games Announces $100 Million Blockchain Fund Alongside New Play-To-Earn Games – LEGACY
Owning a Land NFT allows you to start your own in-game blockchain business association in Legacy the post reads
You will be able to play Legacy, while earning and owning your gameplay pic.twitter.com/rBn72pSzDr
— OTcrypto (@OT_Crypto) December 13, 2021
It seems that the price recovery has been driven by an unfolding partnership between Gala Games and Play Legacy (a new Web3 GameFi project focused on building out the first Play-2-Earn business simulator).
However, markets remain cautious towards Gala Games unfolding legal dispute between CEO Eric Schiermeyer and Co-Founder Wright Thurston.
GALA Price Analysis: Can Gala Games Crack Historic Resistance or Is it Destined for Rejection?
As price action struggles to hold form, GALA is currently trading at a market price of $0.02034 (representing a 24-hour change of +2.4%).
This comes as GALA battles its third day of resistance testing at $0.020, a significant level which provided support back in June and triggered rejection at the end of August.
A descendant upper trendline also threatens current price position, creating double-trouble at the top for recovering GALA price action.
Worse still, a progressively descending 200DMA adds a third layer of resistance +15% above current price action – potentially limiting any substantial upside move.
Meanwhile, the RSI remains significantly overheated at 72.65, in a continual overbought signal that hints at a possible retracement move.
Yet, this is contrasted by the MACD, which remains with minor bullish divergence at 0.00075 – as upside pressure against resistance struggles on.
Overall, GALA looks vulnerable here, with lower highs and lower lows hinting at the possibility of failing resistance testing, and the RSI signalling an urgent need for retracement.
This leaves GALA with an upside target at the 200DMA around $0.236 (a possible + 15.8%).
But downside risk could see GALA fall to lower support at $0.0179 (a potential -12.12%).
Gala Games’ risk: reward ratio therefore stands at 1.3 – a reasonable entry with larger reward than risk.
Yet, for investors looking to hedge the risk of a major retracement, a new meme coin presale is emerging as a superior play as it accelerates towards $1M raised.
Meme Kombat Presale Smashes $930k in Funding As Meme Coin Fever Takes Hold
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
The $MK presale has passed $900k raised🙌
LFG fighters! We are so back! pic.twitter.com/Wb4Wi3T78c
— Meme Kombat (@Meme_Kombat) October 31, 2023
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Delivering GameFi to Crypto Rivalries in Dramatic Fashion with Staking
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
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.