Key GALA Takeaways:
- Gala Games entered the top 50 cryptocurrencies by market cap within a week.
- Its in-home token GALA rallied 850% since Nov 15, however it could face a correction shortly.
YEREVAN (CoinChapter.com) – GALA, the native token of decentralized gaming platform, Gala Games, rallied 172% in a week to become the world’s 43rd-largest cryptocurrency by market valuation at $4.7 billion this Friday.
The cryptocurrency achieved the mettle after its price briefly spiked to establish its record high at $0.84. Nonetheless, traders decided to sell the top to lock interim profits, pushing the price lower. Overall, the GALA price showed signs of bias conflict as it trended sideways.
Bearish divergence
As shown in the chart above, the latest GALA price action also served as reminiscent of previous consolidation patterns. As a result, the market pinned hope that the cryptocurrency’s latest correction from the peak is a mere pause before it continues its uptrend higher.
Conversely, a clear divergence between GALA’s rising price and falling relative strength index (RSI) underscored the weakness in the ongoing bullish momentum. Additionally, the RSI readings came out to be above ’70,’ an overbought zone that prompts traders to sell/short the asset.
Metaverse FOMO
Gala Games claims to be the “company of people.” The platform has two games in the beta stage as of publication, Spider Tanks and Town Star. Both suggest ownership of items (NFTs) the player earns within the game. Gala games initially launched on Ethereum in 2020 and shifted to Binance Smart Chain.
Also read: Metaverse rally gains speed with Sandbox (SAND), Yield Guild Games (YGG), and DVision Network (DVI) at the forefront.
The project has over 1.3 million active users and sold over 26,000 NFTs.
Gala benefitted from the ubiquitous gaming fever across the crypto market. Several metaverse NFT-gaming platforms had a bullish November, packing gains north of 250%. For example, Decentraland (MANA), a blockchain-based virtual world, rallied 270% month-to-date and traded at $4.9.
Also read: SAND hits another record high on Sandbox Metaverse Alpha launch FOMO.
Likewise, decentralized metaverse project Sandbox (SAND) exploded 340% in the same period, trading at $7.11 in the Friday session. Gala jumped on the bandwagon two weeks into November. However, its gains eclipsed Decentraland and Sandbox, bringing the month-to-date rally to 850%.
