GALA Games Coin Price Today: Gala is currently undergoing a wave 2 correction, as predicted yesterday. It is important to note that if it breaks below the 0.786 retracement level, we may see new bear market lows.
GALA Games Coin Price Today
Gala is currently undergoing a wave 2 correction, as predicted yesterday. It is important to note that if it breaks below the 0.786 retracement level, we may see new bear market lows. However, if it continues to hold at this level, we can expect a bullish outcome and focus on higher levels, including a direct breakout at the 3.75 level.
Yesterday, there was an impressive rally off the Monday low in wave one, but currently we are experiencing wave two. The key smaller micro support area is between 3.95 cents and 3.75 cents. To confirm a breakout, we need to see a break above the wave one high at 4.3 cents and the target for the yellow third wave is 5.07 cents.
A Brief History of Gala
Gala Games was founded in 2020 by Eric Schiermeyer and Michael McCarthy with the goal of creating a gaming environment that gives its players full ownership and control over their in-game assets.
Schiermeyer previously worked for Intermix Media, the company behind MySpace, and was a co-founder of Zynga, a billion-dollar company established in 2007 with the goal of connecting the world through games. McCarthy was the creative director at Zynga, where he developed the popular Facebook game Farmville 2. Early on, the two recognised the potential of play-to-earn games, which allow consumers to make money while allowing producers to focus solely on game quality.
Gala Games prioritised decentralisation from the start, causing the business to reject an early distribution, such as an ICO or presale, in order to allow for an organic release of the tokens via its node network. Gala’s initial strategy was to grow the gaming network by selling ‘Founder’s Nodes,’ which serve as the foundation of Gala Games’ ecosystem. These nodes distribute rewards in the form of Gala tokens, NFTs, and governance power.
Gala is currently focused on developing its proprietary blockchain GalaChain, forming partnerships, and acquiring well-known gaming businesses. GalaChain was developed to reduce network costs and provide greater scalability than Ethereum.