Gala token price has been in a strong bearish trend, with the token plunging to a low of $0.013, meaning it has dropped by more than 78% from the highest level on record. Other top laggards on Thursday were coins like Optimism, eCash, Injective, and XDC Network.
The current bearish trend in Gala crypto price is primarily due to three factors. Firstly, it is being affected by the rising interest rates by the Federal Reserve. The Fed has hiked rates from 0% during the pandemic to between 5.25% and 5.50%. Moreover, money market fund yields have jumped to a multi-year high of almost 6%, causing investors to move their funds from risky assets like crypto to cash.
Secondly, the lack of traction of games in the Gala ecosystem is a reason for the decline in price. Games like Townstar, Dragon Strike, and PokerGo have been launched, but they have not gone mainstream. Additionally, NFT sales in Gala have dropped.
Finally, the ongoing lawsuit between Wright Thurston and Eric Schiermeyer, the co-founders of the platform, is having an impact. They are battling over a $130 million theft in a court in Utah, which has led investors to avoid the asset.
The daily chart shows that Gala crypto price has been in a strong bearish trend for a while. It moved below the key support level at $0.018 and $0.015, the lowest levels in June this year and December last year. Gala has also remained below the 50-day and 100-day moving averages. As a result, the price will likely continue falling as demand for the coin wanes.
To buy Gala, investors can use popular platforms like eToro and OKX. eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users. OKX is a world-leading cryptocurrency exchange, providing advanced financial services to traders globally by using blockchain technology.
