Gala Price has been declining lately as part of the current cryptocurrency sell-off. The coin’s drop hastened with the ongoing Russia-Ukraine crisis in the overnight session. It is trading at $0.2170, its lowest since February 5th.
Gala Chain Rollout
Gala, an intriguing platform, allows people to build and monetize games, play existing ones, and trade non-fungible tokens(NFT).
The launch of the Gala Chain will be a huge catalyst for the ecosystem. It will be an in-house blockchain network that will make the ecosystem more user-friendly. The transactions will be swift, have lower network fees and minting costs, and have more interoperability.
In last week’s statement, the developers announced that the Gala Chain would be known as Project GYRI. In human anatomy, the gyri are the brain’s outermost part meaning it protects, organizes, and empowers.
The ongoing political tensions are a significant cause for the GALA price sharp drop as investors are worried. On Monday, Putin formally noted two separatist locations in Ukrain, thus likely to invade soon.
Therefore, analysts worry about the invasion’s impact on the general economy and critical assets like cryptocurrencies, NFTs, and Stocks. Investors believe the crisis will devalue the assets, an interpretation of why the Bitcoin fear and Greed index fell to about 20.
Moreover, there are signs that the Gala network activities are stalling as more people go back to work and school this year. A similar pattern is observed in metaverse projects like Sandbox and Decebtraland.
Gala Price Prediction
The four-hour chart indicates the Gala price declining the past few weeks. The sell-off began when the coin rose to the key resistance level oat $0.3950 early this month.
It has moved beneath the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) has moved below the oversold level.
Hence, the coin will continue to drop as bears target the next key support level at $0.200. A drop below this psychological level indicates a year-to-date low of $0.1540 possibility.
