The Gala Token
Talking about the GALA token which is was one of the most talked projects in 2021, is a game which is aimed at taking the gaming industry to a different direction. This is done principally by giving the players control over the games being played.
Therefore, in the Gala game players will not need to sit hundreds of hours playing a game or spending hundreds of dollars on a game but rather, all this could be done from a single click though the introduction of creative thinking into the game by the players purposely with the help of blockchain technology.
An interesting fact about the gala game is for the fact that the players can own non-fungible tokens and this can increase the influence of the game within the gala ecosystem in general. With the increase number of players in this game since its creation in 2019, it has withness a growth of up to 1.3 million active monthly users and about 26000 NFT sold within this period.
The main founder of the Gala token is Eric Schiermeyer who is known as the co-founder of the Zynga which is a popular social media and a game platform as well. What makes the gala unique is for the fact that it does not stands as a single game but rather as an array for differennt blockchain games.
Where to trade the Gala token
We can trade the gala token in numerous platforms which we have inclusively: binance, poloniex, bitrex, bitfinex and many others which we can see in the screenshot below.
Statistics on the Gala token
Giving a brief statistic on the gala token which further supports the fundamental analysis, the gala token is ranked #62 on the coinmarketcap based on its $1.92 Billion market capitalization. The Gala token has a token supply of 32.24 Billion Gala nad a circulating supply of 6.97 Billion Gala. The current price of the gala token is 0.27 with an all time high value of $0.836.
Technical Analysis on GALAUSDT
My technical analysis on the galausdt token will be based on the break of a resistance level where the prices retest this levels again. This will be further supported from the break of a trendline and the confirmation will be done using the Relative Strength Index indicator which is a momentum indicator.
To begin, I will draw a resistance level where we can see closely how the prices kept respecting this level until we had a valid break of this level. To futher confirm this, we saw the prices made a bearish move with the formation of lower highs which I have interconnected with a trend line.
The entry is done at the break of this trendline as the prices retest on this resistance level which has now turn to a support level.
The confirmation of this signal will be done uisng the relative strength index indicator as earlier explained above. This is seen as the prices goes above the 50% level. The formation can be seen below.
The trade exit will be about setting proper stop loss and take profit levels. The stop loss level will be placed some few pips below the newly formed support level while the take profit level will be set at the peak of the swing high made or to a risk to reward ratio of at least 1:1.5
Trade Execution
My trade execution will be done using the #Binance Exchange with a cross margin of 5X since I used the 5 minutes timeframe. The initial margin used is $11. The stop loss and take profit levels are as shown below;
Stop loss: 0.2795
Take profit: 0.27170
The setup can be illustrated in screenshots below:
Why I am optimistic about the Gala Token
The main reason I am optimistic about the gala token is for the fact that the gala token is listed among the first 100 tokens on the coinmarketcap specifically on the #64 positon. The gala token has seen to have a lot of potential as it rises exponential.
We can see my take profit level hit in less than 3 hours which is a great potential of my analysis.
Being a game based token, it will be seen to have an increase in the numbers of players as it did withness an increase of 1.3 million over the last months. With this high engagement therefore, it is true that the token has a high community.
With this therefore, based on the fundamental analysis above, the token is worth investing in on a long term basis especially at a time where we see the market to take a bulllish start. But based on the technical analysis, it is not a financial advice since I used a scalp trading method with the 5 minutes.
Hello @santosbass2 , I’m glad you participated in the 4th Trading Competition at the Steemit Crypto Academy. Your grades in this task are as follows:
Observations:
I'm glad you deployed confluence trading for your trading decision. This goes a long way to strengthen your trading signals. I hope you can keep developing on that.
Thank you for participating in this trading competition.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit