This article is in response to Twitter voting on which token to cover next recently. Gala is a large cap leader in the space and I will try to focus on mostly technical analysis here.
Gala Games Weekly Chart
The gala weekly chart looks fairly bullish to me. I drew a fib retracement from the most recent macro swing high and the token has been ranging within the first fib level for months. The longer the consolidation, the bigger the move. The first and second attempt at the red fib have failed. The RSI has broken out of a macro downtrend and the EMAs are beginning to curve upward. Volume shows a macro uptrend as well.
Gala tends to front run gaming hype but provide less multiples during bullish trends. I would say it goes for the green fib in the next month or two if this gaming hype remains. I do not own any Gala as I believe there are better lower market cap opportunities out there. However this could be safer exposure to the gaming market as it is a studio, it has a longer track record, and you don’t have the risk of a single game flopping.
Gala Shorter Time Frame
Moving onto my favorite crypto time frame, the four-hour chart. You will notice an obvious uptrend for over a month’s time and a channel forming. There are brief moments where the token drips below the channel but the EMAs have held support for the most part. RSI has been oscillating with healthy corrections and is currently on a major upswing. For a brief article on a Gala thesis from the past check it out [here].
I believe there is a lot more in store for the token over the next year or so. I think we are in a hidden bull run (specifically gaming) that will really explode in January 2024. With the dollar weakening I believe there will be a market wide rally as well, there will be some tax harvesting and downturn in December and then a major upswing in Q1 next year.
If you would like to keep up to date with the gaming tokens I invest in and trade check out my [Trading View]. I regularly post updates on long and short term charts I follow. I am mostly a longer term investor. But I do trade narratives and momentum tokens and stocks. Thanks for reading and stay safe out there!
