NOIDA (CoinChapter.com)—The price of the Gala Games token has been on a bull run since February, propelling the token to its highest level since May 2022. The cryptocurrency’s uptrend is majorly taking cues from its namesake team’s efforts to expand its ecosystem through AWESOME partnerships.
Furthermore, the token has formed a bullish technical pattern with a massive upside target called the ‘falling wedge.’
A pair of converging trend lines form the falling wedge pattern. The pattern occurs when an asset’s price makes lower highs and lower lows steeper than the highs.
The familiar pattern typically signals that a reversal to the upside is likely. Customarily, the price target for the pattern is equal to the widest distance between the trend lines at the start of the pattern added to the breakout point.
A breakout with substantial volume can signify strong market conviction, thereby increasing the likelihood of continuing the trend.
According to the rules of technical analysis, if the pattern pans out, GALA price could spike nearly 1,788% to reach a theoretical price target near $1.3.
GALA Partnerships Prop Up Price
The Gala Games team has made several partnerships to advance its ecosystem.
For instance, Gala Games recently announced a collaboration with Alienware and Amazon Web Services (AWS) to host a hackathon event at the 2024 Game Developers Conference (GDC), with a prize pool of $1 million.
The event will see developers use Gala’s GalaChain SDK to create blockchain projects for games like Spider Tanks and Legacy. Furthermore, the partnership would grant Gala Games more visibility in the gaming sector.
Additionally, Gala Games launched the first external project on its blockchain: the NFT Harbor, an NFT marketplace.
GALA Price Buckles Under Bearish Pressure
Meanwhile, GALA price rally buckled under bearish pressure from the supply wall near $0.087. The resulting token saw Gala Games’s token price fall nearly 20% since March 11 to reach a daily low near $0.067 on March 12.
Breaking above the immediate resistance could help GALA price rally to the resistance near $0.11 before paring gains.
Conversely, if the Gala Games token ignores the bullish cues from the project’s partnerships, GALA price could continue the downtrend and hit the support near $0.063. Breaching the immediate support would result in the token testing its 20-day EMA (red wave) support near $0.047.
The relative strength index, or RSI, remained at the overbought border, with a score of 70.08 on the daily charts.
