Gala Games (GALA) has recently faced challenges in its price action, struggling to regain momentum and surpass the 20-day moving average (20DMA). However, a new partnership with an emerging regenerative agriculture documentary featuring the renowned actor Woody Harrelson has the potential to reignite interest in this dynamic project.
Gala Scandal, Redemption, and Documentary Partnership
Amidst allegations of theft amounting to $130 million in Gala tokens and corporate mismanagement by Thurston, the founder, and his investment firm True North United Investments, the project has faced significant setbacks. Thurston’s counter-claim suggests that Schiermeyer, another key figure in Gala Games, lent Gala’s funds to himself for personal use and even established Gala-related entities in Switzerland and Dubai, positioning himself as the controlling shareholder to pursue his own business interests.
Nonetheless, Gala Games has recently announced a partnership with the ‘Common Ground’ documentary film, a sequel to the successful ‘Kiss the Ground’ predecessor. This collaboration, featuring prominent figures such as Woody Harrelson, has the potential to spark renewed interest in GALA, attracting new investors to the project.
GALA Price Analysis: A Promising Outlook
Gala Games’ price has experienced a recent decline, with GALA currently trading at $0.013, indicating a 24-hour change of +0.52%. The price is currently attempting to consolidate after a significant drop of -8.5% on October 9, causing it to fall below the 20DMA, which currently sits at $0.014.
Historically, the loss of 20DMA support has had a catastrophic impact on GALA’s price action. In previous instances where GALA sank below this moving average level, the price remained suppressed for 67 days, resulting in a significant value loss of -46%.
On a positive note, the 200DMA continues to trade well above GALA’s descendant upper trendline, with the moving average currently positioned at $0.025. This indicates a potential opportunity for GALA bulls to establish a double-bottomed support level at $0.013. If successful, this could trigger an upward movement, pushing the price back above the 20DMA.
In terms of indicators, GALA’s Relative Strength Index (RSI) has cooled off to a bullish oversold signal at 41. Additionally, the Moving Average Convergence Divergence (MACD) is currently neutral at 0.00, underscoring the decisive nature of the ongoing price action.
The Key Level to Watch: 20DMA
The 20DMA is a critical level to monitor in the coming days. If GALA’s price can surge above this level, displaying robust technical strength, it may pave the way for significant upward movements.
However, it’s essential to exercise caution, considering the multi-month downside price action triggered by serious fundamental headwinds. GALA Games is currently in a battle for survival, and any potential upside must be viewed in light of the prevailing challenges.
To the upside, Gala Games has a target at $0.0146, representing a potential gain of +7.35%. Conversely, downside risk could lead to a drop to $0.012, indicating a possible loss of -11.76%. As a result, Gala Games carries a risk-reward ratio of 0.62, suggesting a weak entry dependent on highly decisive price action.
Emerging Opportunities in Meme Coin Presales
While Gala Games navigates its path to recovery, it’s noteworthy that smart capital is flowing into an emerging meme coin presale that possesses the potential to rival established coins like PEPE and SHIB. These meme coins have gained significant popularity in recent times, attracting both investors and enthusiasts alike.
Conclusion
In conclusion, Gala Games faces challenges in its price action, but the project has recently forged a promising partnership with the ‘Common Ground’ documentary film, featuring Woody Harrelson. This collaboration has the potential to reignite interest in Gala Games and attract new investors, providing renewed hope for its future success.
Notice
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
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