With the metaverse trend that started in the last period of 2021, when the crypto money market was shining, the wind of metaverse coin projects blew. During this period, Turkish crypto money investors also participated in this trend. However, 2022 has been disappointing in this industry as well as in the general crypto market. Although crypto starts 2023 with a positive momentum, one analyst makes a pessimistic forecast for Gala Games (GALA).
“The Metaverse coin project may upset many!”
cryptocoin.comAs you follow, the crypto market started the new year on a positive note. During this period, metaverse coin projects also recorded significant increases. Gala Games (GALA), which is also the choice of Turkish crypto investors, has rallied over 140% in the last two weeks. However, popular analyst Cameroun Fous shared an alarming chart for the metaverse coin GALA. And, he stated that he expects a shift from the current price of $0.04494 to below $0.04.
The analyst envisions a scenario where GALA falls below $0.040. In this case, GALA going to that target means it’s going down more than 10%. At press time, GALA was trading at $0.04494, down 2.42% on a daily basis in line with current market declines. Meanwhile, the metaverse coin formed a double top near the $0.055 level on Jan. 17. However, it has fallen steadily since then.
According to crypto analyst Tomiwabold Olajide, if the decline continues, GALA could seek support at the daily MA 200 at $0.040. In this scenario, the bulls can gather strength and rally to test $0.055 once again. According to the Cameroun Fous chart, GALA is still in an uptrend on the hourly chart. Therefore, bulls can take advantage of the dip to push up GALA prices.
GALA’s new year performance is dazzling
Meanwhile, GALA was one of the top earners in January as its game and metaverse coins outperformed the broader market. According to CoinGecko data, GALA has increased by 14.8%, 146.7% and 138.7% in the last seven, fourteen and thirty days, respectively. According to on-chain analytics firm Santiment, crypto whales were instrumental in driving the GALA price up. Accordingly, it reveals that the number of GALA transactions exceeding $100,000 has bounced back to a two-month high as prices soared.
Analyst Tomiwabold Olajide states that on the daily chart, GALA forms a triangle pattern that could lead to a breakout, but the possibility of further declines cannot be ruled out. According to the analyst, GALA fundamentals remain a factor to consider. However, broader market movements may be more important in this respect.
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