GALA price retreats sharply — could a new ‘epic’ partnership be bullish for the gaming token?

Key Takeaways:

  • GALA prices pulled back on Jun 8 after jumping more than 18% on Monday.
  • GALA's partnership with Epic Games likely precipitated the price boost.
Gala token prices pulled back after jumping more than 17% on Monday
Gala token prices pulled back after jumping more than 17% on Monday. Image from Gala Blog

NEW DELHI (CoinChapter.com) — GALA price retreated almost 24 hours after the altcoin jumped more than 18%—between low ($0.074) and high ($0.09) levels on Jun 6.

Where is Gala price heading?

However, the long wick on Jun 7’s candle indicated bulls moved in to defend the token’s immediate support from its 20-day moving average (20-day MA, red wave) near $0.076. If immediate support fails, GALA price might fall to $0.069.

A marketwide sell-off might further see the altcoin’s prices break below the lower trendline of the range, resulting in GALA prices falling to $0.055 before prices recover.

GALAUSDT daily chart with RSI and descending trendline resistance.
GALAUSDT daily chart with RSI and descending trendline resistance. Source: Tradingview.com

GALA’s relative strength index currently remains neutral, with a value of 44.67 on the daily charts.

Also Read: Should you put your money into Web3 projects — this report hints YAY!

RSI measures the magnitude of recent price changes to analyze overbought or oversold conditions. The downward moving RSI trendline suggests that selling pressure might be increasing for the NFT-based gaming token.

Conversely, GALA prices would need to move above immediate resistance ($0.09) from its descending trendline resistance to start an uptrend. Moreover, a break above immediate resistance might help GALA price target its 50-day moving average (50-day MA, blue wave) resistance near $0.115.

Once GALA price breaks above the upper range of $0.1, GALA might gain enough momentum to challenge resistance near $0.13 before corrections pare prices.

An ‘Epic’ Partnership

Gala Games has partnered with Epic Games, creator of popular battle royale and survival game Fortnite. The partnership would help introduce Gala’s Web 3 titles to more than 194 million users on the Epic Games Store.

Hoping to emulate the popularity of Fortnite, Gala would launch GRIT, an upcoming wild west battle royale game, as its first offering on the Epic Games Store. The characters in GRIT are unique, allowing users to customize their character’s looks, load-outs, and perks.

This is a historic agreement! Two giants on different sides of the game industry have come together to change the gaming landscape forever.

GALA said in its announcement

Furthermore, character skins would serve as NFTs in the ecosystem, but GALA’s announcement suggests other NFTs in the game. GALA would sell the game NFTs out of the Gala Games Store in phases. The GRIT NFTs are ERC-721 tokens.

Also Read: GALA token pumped 25% following Snoop Dogg's high-profile NFT endorsement.

Moreover, GRIT characters are unique NFTs in themselves. The Web3 platform would sell 10,000 Character Boxes, with only two purchases allowed per account. News of the partnership likely helped GALA token prices jump on Jun 6.

At the time of writing, GALA was trading at $0.084, down 4.3% on the day.

close
GALA Price, GALA price retreats sharply — could a new ‘epic’ partnership be bullish for the gaming token?

Subscribe Today
for our Weekly Newsletter

Free Weekly Crypto News without the spam.

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com