Gala Dips by 8% in 24 Hours as the Broader Market Retreats

The cryptocurrency market has plummeted over the past few hours, with most coins dropping more than 2% over that period.

A party that loses 8% of its value in 24 hours

GALA, the original token of the Gala Games platform, has lost more than 8% of its value in the past 24 hours. This latest development comes as the broader cryptocurrency market is undergoing a correction.

Gala is a non-fungible gaming and token (NFT) platform that aims to build an ecosystem for blockchain gaming. Gala works on both Ethereum and Binance Smart Chain. The platform offers a wide range of features, including a platform for NFT (Gala Games) and an NFT (Gala Store) marketplace. Users can play games, trade NFTs, and participate in network governance and consensus.

The cryptocurrency market started to recover from last week’s recession earlier this week, with Bitcoin hitting the $43,000 mark again. However, the market recovery is short-lived as the bears are now in control once again.

Bitcoin is struggling to stay above $42,000 after losing more than 3% of its value in the past 24 hours. Ether is risking a drop to the $3,100 area, having fallen 4% so far. GALA is one of the best underperforming companies in the market right now. GALA is trading at $0.3202 at the time of writing.

GALA could slip below $0.30 in psychological point

The daily GALA/USD chart is looking bearish at the moment. Technical indicators show that GALA is underperforming and may decline soon.

MACD GALA / s line remains below the neutral zone. Source: FXEMPIRE

GALA is trading below the 50-day moving average of $0.4757. The MACD line has remained below the neutral territory since the beginning of the year, indicating a deep downtrend. The RSI of 37 shows that GALA is currently in the oversold territory.

If the downtrend continues, GALA could drop below the $0.30 mark and lose the first major support level at $0.2354. Unless the weak run continues, the $0.2084 support level should mark any further downside move.