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Gala Games Price Flirts With Bullish Cues and Bearish Risks

2M ago
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Gala Games Price Flirts
Gala Games Price Flirts With Bullish Cues and Bearish Risks

NOIDA (CoinChapter.com)— The GALA token has some bullish cues lined up that could help the Gala Games price start a bull run. Gala Games recently updated its node reward distribution system and proposed a new referral incentive scheme as part of a strategic update. The updates would likely help the platform’s GALA token rally higher as the bullish cues attract buyers to the market.

The GALA token price spiked over 17% to reach a daily high near $0.068 on April 9 before paring its gains.

Revised Node Reward Distribution System

One of the bullish cues is the refinement of Gala Games’ node reward distribution mechanism. The upgrade aims to accurately reflect the contributions of node operators within the Gala ecosystem.

The introduction of Node Workload NFTs, a novel approach to transferable and tradable node licenses, marks a pivotal change.

Investors closely watch the introduction of the new updates, which could attract more buyers to the market.

Moreover, the rollout of Node Workload NFTs could be another bullish cue for the Gala Games price. By granting node operators greater autonomy and flexibility in their contributions, these NFTs could potentially increase the attractiveness of operating Gala nodes.

GALA bullish cues
Gala Games revised its referral program

This move is expected to stimulate demand within the Gala ecosystem, potentially influencing the Gala coin’s liquidity and valuation in the cryptocurrency market.

Gala Games has also put forth a proposal for a referral incentive system to bolster ecosystem growth through user referrals. The team plans to have a phased rollout and an expiration mechanism, with the program aimed at sustaining active participation within the Gala Games ecosystem.

GALA Price Moving Inside Bullish Pattern

Meanwhile, GALA price has formed a bullish technical setup called the ‘bull flag pattern.’

GALA bullish cues
GALA price formed a bullish setup with a 178% price target. Source: Tradingview.com

A period of consolidation succeeding the steep uptrend forms the flag of the pattern. Despite the strong vertical rally, the asset price does not drop as bulls maintain the buying pressure. As a result, the breakout from the flag pattern often results in a powerful uptrend.

The pattern is completed when the price breaks out of the flag area, continuing the previous upward trend. Traders calculate the price target of the breakout by adding the length of the flag pole to the breakout price level.

Per the rules of technical analysis, GALA price might rally over 178% to reach the theoretical price target near $0.167 if it confirms the pattern.

Bearish Risks For GALA Price

Despite all the cues favoring GALA prices, the token still faces some bearish risks, the first coming from a ‘descending triangle pattern‘ visible on zooming in to the daily chart level.

The descending triangle is a bearish continuation setup with a falling resistance line that caps upside attempts and a flat support that prevents declines. The height of the triangle’s thickest section determines the price target in a descending triangle setup.

GALAUSD daily price chart with RSI and bearish pattern.

If the triangle pattern pans out, the GALA coin price could drop nearly 42% to reach the projected price target near $0.0356.

However, if the bullish cues that the platform has lined up attract buyers to the market, the token could invalidate the setup and rally to the resistance near $0.071. Moreover, flipping the immediate resistance would help GALA price target the resistance near $0.08 before retreating.

On the other hand, an increase in bearish pressure could force the GALA games token to test the pattern’s support level near $0.055. Breaching the immediate support would mean a bearish breakout from the pattern, despite GALA’s bullish cues.

As a result, the token could drop to the 100-day EMA (blue wave) support near $0.0456.

The relative strength index, or RSI, remained neutral for GALA, scoring 51.4 on the daily charts.

The post Gala Games Price Flirts With Bullish Cues and Bearish Risks appeared first on CoinChapter.

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