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More weakness awaits Gala (GALA) as price pressure on metaverse and blockchain gaming tokens holds
There were some hopes that Gala (GALA) had started to show signs of recovery. However, this seems like it was more of a false start.
At the moment, Gala (GALA) has stagnated and is starting to decline even as sentiment in the broader crypto market improves. More weakness is also expected for the token. Here are some highlights.
Gala (GALA), just like most metaverse tokens, has fallen sharply, losing nearly 30% in value in the last one week alone.
There was a slight bullish run after the FOMC meeting yesterday but those gains have quickly reversed.
At the time of writing, Gala (GALA) was trading at $0.2072, down nearly 5% in 24-hour intraday trading.
Data Source: Tradingview.com
Gala (GALA) – Price prediction
When GALA started to surge yesterday, most analysts were looking to see if the coin will rise above its overhead resistance of $0.22. But it was a firm rejection. Even though GALA did manage to test the threshold a few times, it has since fallen.
The pullback suggests that there is more weakness on the metaverse token and a further decline is possible. With January lows of around $0.1, it won’t be a surprise if the coin drops even further. In fact, most analysts see the $0.1 mark as the next probable support level should there be a serious sell-off in the coming days.
Should you buy Gala (GALA)
Metaverse tokens have become quite bearish in the last few weeks. We are seeing sharp declines even though most of these tokens were showing a lot of promise last year.
At the moment, we believe that the price pressure is more of a correction that will last a few weeks. I would wait if I were you for more pullbacks before getting into GALA. At least that way, you get to buy on the cheap.
The post More weakness awaits Gala (GALA) as price pressure on metaverse and blockchain gaming tokens holds appeared first on Coin Journal.
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