Gala Games (GALA), one of the leading metaverse and blockchain gaming tokens, is currently in a tailspin. The coin is tracking the decline of the broader crypto market, but its losses have been much worse than expected. Is there a chance of recovery? Here are the main facts:
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GALA crashed nearly 40% after losing support at $0.07
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The metaverse coin is essentially in free fall and could enter a bear market in the next few days
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GALA is down nearly 65% from its monthly highs in early May
Data source: Tradingview
Can GALA recover from this bloodbath?
The recovery for GALA will of course come. But we don’t see that happening anytime soon. Sentiment in the market is now very unpredictable. It appears that many investors are cashing in on their crypto assets, with sustained losses hitting most coins. This is not a buyer’s market and as such we expect GALA to decline further before any reversal.
It will, however, be very interesting to see how the price action unfolds once it drops below $0.05. After all, this was a psychologically very important threshold for GALA bulls. At the moment, the metaverse coin is slightly above this price.
Based on market trends, it will not be surprising if it drops further. It is likely that the freefall will continue before GALA bottoms out at around $0.02.
How to take advantage of GALA now?
This is not the best time to buy GALA. If you want to do that, it would be much better to wait a week or so. We expect the price to drop well below $0.05.
Once that happens, the coin will be trading at almost a 100% discount from its May highs. This will be the most ideal drop to buy, especially if sentiment in the broader market improves.
Risk Disclosure: The articles and articles on Arover.net do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies.
