Cryptocurrency linked to gaming breaks key resistance in its price

Key facts:
  • GALA is up more than 60% over the last 7 days.

  • In the past, it had had difficulty breaking above the $0.60 mark.

The price of GALA, the native cryptocurrency of the Gala Games gaming network, went from $0.042 to $0.086 (USD) in the last week, a level it had not seen in almost two years. And, although it later declined to USD 0.69, it registered an increase of more than 60% weekly and 180% monthly.

This makes GALA one of the best performing crypto assets of both periods of the hundred with the highest capitalization.

With this deployment, the cryptocurrency has managed to pass the resistance (zone of maximums) that it experienced at USD 0.60 in the middle of the rise. Since then, it has formed temporary support (low area) around $0.68, as seen below.

GALA price in the last week. Source: TradingView.

This behavior suggests that, if it loses the current floor, the market could test support at USD 0.60 or previous resistances. On the other hand, if demand gains strength, it is possible that its next target will be USD 0.11, as it is the next strong level that it registered in the past as resistance.

Gala Games announced a hackathon with prizes of USD 1 million

The rise that GALA intensified in the last week took place after Gala Games will announce a hackathon with prizes valued at USD 1 million. This event, which will be on March 21, is a competition that developers can join to unlock the potential of their GalaChain network.

Furthermore, during the week, the platform He launched a game called Legends Reborn and communicated which partnered with PlanX, a game developer, to power new gaming experiences gaming.

In the midst of this, as CriptoNoticias reported, bitcoin (BTC), the digital currency with the largest capitalization, continued to rise to new all-time high prices since last week. This spread investor enthusiasm and various cryptocurrencies rose, including gaming projects, as the table shows.

Prices of the main gaming cryptoassets. Source: CoinGecko.

Therefore, GALA’s rise could have been motivated by a confluence of factors, both the rise of bitcoin that regained interest in gaming tokens in general, as well as particular news about its ecosystem.

Currently, GALA is the 57th crypto asset with the largest market capitalization, with this being USD 2 billion. And it is third when it comes to gaming tokens, after Immutable (IMX) and FLOKI.

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