Is GALA buy opportunity after the current dip?

GALA/USD has weakened from $0.84  to $0.15 since November 26, 2021, and the current price stands at $0.22.

The risk of further decline still persists, and if you decide to buy this cryptocurrency in the upcoming days, you should use a “stop-loss” order because the risk remains high.

More than 1.5 million monthly active users

Gala Games is a platform that gives players back control over their games with simple game mechanics that all players can enjoy.

Players get to truly own what they win, and their assets are verifiable on the blockchain they can trade to another person or play with in-game.

Gala is supported by users who operate Gala Nodes from their home computers, and it is important to say that everything within this platform depends on the player-owned Node Ecosystem.

Through decentralization, players have a voice in how the Gala Games roadmap develops via distributed voting mechanisms to help determine what games should be added to the platform or what should be funded by the decentralized Gala Games ecosystem.

Gala currently has more than 1.5 million monthly active users, its team is continuously growing, and it has slightly above 90 members. Eric Schiermeyer, CEO of Gala Game, said:

I wouldn’t be doing this if I didn’t think this was literally the next phase of the internet. Everything that touches ownership is going to be affected by what’s happening here. Art and music and everything that has a digital life is going to be touched by this.

The GALA token is the utility token of the Gala Games ecosystem, which is used as the medium of exchange between participants. The GALA token is cryptographically secured, users have full control over how to use it, but this token does not represent any shareholding, participation, right, title, or interest in Gala Games.

The GALA token achieved an impressive gain in November 2021, and it has reached a record high above $0.80 on November 26. GALA is currently down more than 70% from its peak, and the risk of further decline is still not over.

The U.S. central bank increased interest rate, and the uncertainty of potential outcomes between Ukraine and Russia continues to worry investors. Risk-on assets tend to suffer in such conditions because investors look for safer places to invest their money.

The current support level stands at $0.20

GALA has collapsed from its record level, and if you decide to buy this cryptocurrency at the current price, you should use a “stop-loss” order because the risk remains high.

Data source: tradingview.com

The current support level stands at $0.20, and if the price falls below it, the next price target could be around $0.15.

The first resistance level stands at $0.30, and if the price jumps above this level, it would be a “buy” signal, and we have the open way to the $0.40.

Summary

The GALA token is the utility token of the Gala Games ecosystem, which is used as the medium of exchange between participants. GALA is currently down more than 70% from its peak, and the risk of further decline is still not over.

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