GALA Coin Price Spikes 121% on Hollywood Partnerships

NEW DELHI (CoinChapter.com) — Gala Games, a nonfungible token (NFT) gaming platform, kicked off the new year with a bang, with its native coin GALA price rising eleven days in a row.

On Jan 6, Gala Games announced the firm had bought a mobile game studio with over 20 million users. A Gala Discord member named “Benefactor” shared further details of the acquisition, noting that the game studio had total revenue of over $100 million and multiple games currently live in the app store.

Additionally, Gala shared that the studio had 15 games ready to migrate to Gala’s native blockchain, Gyri.

Another Gala crypto news on Discord revealed that the platform’s blockchain was live. Moreover, Gala claimed the blockchain had clocked 1,000 transactions per second “with the ability to easily scale to a lot more.”

Gala argued that its recent acquisition saved nearly fifteen years of development. Furthermore, once the new games migrate to Gala’s blockchain, players will start burning GALA crypto tokens for gas.

Burning usually decreases the available token supply and acts as a bullish cue for the underlying token’s price action. For example, the benefactor calculated that 53 games using a GALA coin for gas would burn nearly 6-35% of the total token supply annually.

Gala Partners With ‘The Rock‘ And Mark Wahlberg

On Jan 9, Gala discord member Benefactor announced the blockchain platform is developing two films with Dwayne “The Rock” Johnson and Mark Wahlberg.

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Johnson, who recently starred in DC Comics’ Black Adam, has become a global brand with iconic roles in movies like the Fast and Furious franchise, Jumanji, Red Notice, etc.

Mark Wahlberg is another famous name with movies like Transformers: The Last Knight, Ted, Mile 22, etc., under his belt. As such, a tie-up with two major icons of the entertainment industry would likely help drive GALA’s crypto price upwards.

Imagine going to a movie and there is a qr code on your ticket to redeem a digital item. That item has been selling on opensea so why wouldn’t you at least take a look? Imagine again you’re watching a film on Netflix and a qr code shows up there as well…These are just some of the use cases.

A post Gala’s discord read.

Furthermore, Gala stated that the partnership was an opportunity to bring an “extremely large number of users” onto its blockchain. Fans interested in digital collectibles associated with the two stars would have to use Gala’s blockchain and burn the Gala crypto token as gas.

But GALA’s RSI Might Play Spoilsport

Meanwhile, the GALA coin price jumped nearly 121% since Jan 6 to form a daily high near $0.0398 on Jan 9. Though the token has been rising since Dec 30, the latest Gala news accelerated the price action.

The bears seem to be vigorously defending the $0.0375-$0.04 resistance zone (purple box). Long upper wicks on the daily candles highlight the bearish pressure against the Gala crypto token.

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Additionally, the meteoric rise since Jan 6 helped GALA price flip its 20-day EMA (red wave), 50-day EMA (purple wave), and 100-day EMA (blue wave). However, the uptrend took Gala’s relative strength index into the overbought region, clocking at 85.04 on the daily chart.

Traders often consider overbought RSI levels a sell signal, prompting sellers to enter the market. Hence, if the selling pressure increases, the GALA coin price risks falling to support near $0.0345. On the other hand, if the immediate support fails, the Gala coin might drop to test support from its 100-day EMA near $0.03.

Conversely, a continued uptrend would likely see GALA bulls re-attempt to conquer the resistance near $0.041. A break and hold above immediate resistance might help GALA’s price reach $0.0.474 before downside corrections pare gains.