One of the biggest winners today was Gala Games’ token GALA. In fact, it managed to register an 8% gain despite the broader market seeing a lot of consolidation.
Interested in GALA
What could have contributed to this? Well, this could be the result of the increasing interest in Gala Games, as also verified by Google Trends. Since the beginning of March, it has registered a tremendous surge in interest.
The spike in appeal could also be the result of Snoop Dogg’s recent launch of Death Row Records on the Gala Music platform as the world’s first web3 record label. In line with the same, it launched Snoop Dogg’s first NFT music, with the same limited to a stock of 500 units.
However, despite the social bullishness, this 8% rally was just another day for GALA as the altcoin has seen actual gains of 13% more often. The altcoin will need sustained periods of appreciation as 80% of its February rally has already been voided. In addition, price indicators at the time of going to press also did not appear to support a price increase.
Both the Relative Strength Index (RSI) and MACD were bearish neutral and neutral respectively. The white dots of the Parabolic SAR also aligned with the candlesticks with the potential to flip their position and sit above them.
However, since that hasn’t happened yet, GALA has time before a correction takes place.
Since the altcoin is facing consolidation along with the rest of the market, investors also don’t see this as an opportunity to be active now. When crypto rallied around Feb. 7, GALA holder attendance rose 285%. Unfortunately, once it went away, these investors also became inactive again.
Unlike the Shiba Inu holders, GALA investors are more serious investors and have been keeping HODLing for a while. Despite both coins launching around the same time, GALA currently holds about 35.78% of its supply for over a year. The same in the case of Shiba Inu is only 1.78%.
So, the lack of movement right now is just an effect of the bearish trends. Still, growing interest will play in GALA’s favor when the altcoin marks a sustainable rally.
This post GALA’s 8% rally and what it does and doesn’t do for its investors
was published first on https://ambcrypto.com/galas-8-rally-and-what-it-does-and-doesnt-do-for-its-investors/