Gala Games (GALA), currently the 236th largest cryptocurrency on the market, caught the attention of many investors yesterday. It went from around $ 0.02 to $ 0.076 in less than 6 hours, a gain of 280%.
However, the cryptocurrency has since corrected, and the current price could be ideal to buy, given that the correction appears to be over. In addition, unlike other cryptocurrencies which exploded yesterday for very futile reasons, the rise in Gala is based, as we will see, on very concrete factors.
Gala Games explodes for listing on Binance
Gala Games, which is a blockchain-driven game project that allows users to use their unique NFT characters in-game, has indeed benefited from the announcement of its token’s next listing on Binance, the largest platform. world cryptocurrency exchange.
But beyond listing on Binance, GALA has other key strengths. Indeed, the project has continued to build its platform and gain momentum for several months now, while the NFT sector was booming.
Another proof of the seriousness of the project is that on August 11, Gala Games successfully conducted the first sale of VOX, the main NFT offering of the project, which sold out in less than eight minutes.
Gala Games is therefore following in the footsteps of other successful “play-to-earn” games such as Axie Infinity and Illuvium which have also seen their tokens fly off recently.
GALA Technical Analysis: The Perfect Time to Buy?
As seen in the 15-minute graph below, Gala Games’ rise yesterday was swift and brutal, but the subsequent correction still allowed it to retain more than half of the gains recorded earlier in the season. daytime. The trend therefore remains clearly bullish.
Additionally, support formed near $ 0.046, and may form a basis for a rebound. This suggests that current GALA prices are ideal for an immediate purchase. In this context, a simple return to yesterday’s highs would allow a gain of around + 50% to be recorded.
Moreover, by positioning a protective stop under the support of $ 0.046, for example at $ 0.045, this implies a risk of loss of 11%, which offers in view of the potential of gain, a risk ratio more than comfortable.
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