In an ongoing retest of historic resistance, Gala Games (GALA) has tumbled -5% overnight, leading some concerned bag-holders to ask ‘is GALA going to zero’?
The downside move comes as GALA enters a third day of resistance testing at the $0.20 level – following a strong recovery from foundational support at $0.013.
It seems that the price recovery has been driven by an unfolding partnership between Gala Games and Play Legacy (a new Web3 GameFi project focused on building out the first Play-2-Earn business simulator).
However, markets remain cautious towards Gala Games unfolding legal dispute between CEO Eric Schiermeyer and Co-Founder Wright Thurston.
GALA Price Analysis: Can Gala Games Crack Historic Resistance or Is it Destined for Rejection?
As price action struggles to hold form, GALA is currently trading at a market price of $0.02034 (representing a 24-hour change of +2.4%).
This comes as #GALA/USDT battles its third day of resistance testing at $0.020, a significant level which provided support back in June and triggered rejection at the end of August.
A descendant upper trendline also threatens current price position, creating double-trouble at the top for recovering GALA price action.
Worse still, a progressively descending 200DMA adds a third layer of resistance +15% above current price action – potentially limiting any substantial upside move.
Meanwhile, the RSI remains significantly overheated at 72.65, in a continual overbought signal that hints at a possible retracement move.
Yet, this is contrasted by the MACD, which remains with minor bullish divergence at 0.00075 – as upside pressure against resistance struggles on.
Overall, GALA looks vulnerable here, with lower highs and lower lows hinting at the possibility of failing resistance testing, and the RSI signalling an urgent need for retracement.
This leaves GALA with an upside target at the 200DMA around $0.236 (a possible + 15.8%).
But downside risk could see GALA fall to lower support at $0.0179 (a potential -12.12%).
Gala Games’ risk: reward ratio therefore stands at 1.3 – a reasonable entry with larger reward than risk.
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