• Gala price has increased by 6.6% over the last 24 hours, after being lifted by a partnership with Dwayne Johnson (The Rock) earlier this month.
• The 200-day Exponential Moving Average (EMA) has been holding the ground at $0.05236, preventing Gala price from reaching a new 2023 high.
• A daily close above the 200-day EMA is required to ensure the continuation of the uptrend, first to $0.07 and then above $0.10.
Gala Games‘ play-to-earn (P2E) blockchain token, Gala price, has been one of the best-performing tokens in 2023, with gains exceeding 180% in 30 days. With the rise of new blockchain gaming platforms such as Meta Masters Guild (MEMAG) and Calvaria (RIA), gamers are on the lookout for blockchain games that are actually enjoyable to play. This, in turn, has sparked an increased interest in the crypto economy, which has pushed Gala price up by 6.6% in the last 24 hours.
The rally was initially ignited by the partnership between Gala Games and Dwayne Johnson (The Rock) earlier this month, which pushed Gala price above $0.04. The bulls‘ aggressiveness extended the leg even further, allowing it to break the critical resistance highlighted by the lower yellow band on the daily time frame chart. Although the 200-day Exponential Moving Average (EMA) (in purple), which is holding the ground at $0.05236, has put a cap on the movement to the upside, Gala price still managed to tag a new 2023 high at $0.0566 before retracing to trade at $0.0527 at the time of writing.
This brings us to the question; is Gala price ready to pick up the pace to $0.1? To ensure the continuation of the uptrend, a daily close above the 200-day EMA is required. If this occurs, it could provide the much-needed momentum for the token to reach $0.07, and then eventually stretch the bullish leg above $0.10.
However, it is important to note that the selling pressure from the 200-day EMA is likely to be strong, and therefore, the buyers will have to be extra aggressive to break through. If the buyers pull this off, then the next major resistance will be at the upper yellow band, which is currently sitting at $0.0633.
In conclusion, the performance of Gala price in the coming days will depend on the ability of the buyers to break through the 200-day EMA and push the token to higher levels. If successful, the token could pick up the pace to $0.1 in the coming weeks.