After ranking as one of the top performers of the year in 2021, Gala (GALA), one of the most popular gaming tokens in the market, has quite literally collapsed. The price action has largely been on free fall over the last few weeks, and any hopes of a quick rebound appear slim at best. Here are some notable highlights:
At the time of writing, GALA was trading at $0.2825, the lowest it has been over the last three months.
The token is also nearly 70% down from its all-time highs in 2021, following in the steps of other gaming tokens that are on the red.
There is serious investor concern about the potential growth of play to earn games in the long run.
Data Source: Tradingview.com
Gala (GALA) – price prediction and analysis
Gala (GALA) was developed to become a disruptive blockchain project in the gaming world. So far, even with the current price slump, it has done quite well, returning over 4000% in profits in 2021.
But it seems like investor appetite towards play-to-earn tokens is hampering. In fact, GALA follows other gaming coins like Enjin, Sandbox, Decentraland, and Axie Infinity in decline.
Right now, GALA is well below the 25- and 50-day moving averages and has been for quite some time, suggesting a sustained bearish trend. We see the token dropping below $0.25 in the coming days.
Should you buy Gala (GALA)
There is always this argument that some tokens, especially in the metaverse and NFT space, are overpriced due to investor hype. This is very true for GALA. A good rule would be to wait until the price goes through a correction of sorts and buy then. A dip below $0.2, which appears imminent, offers the perfect entry point for investors who want to add GALA into their portfolio.
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