Gala Games’ token GALA was one of the top gainers of the day today. Despite the fact that the broader market was consolidating, it managed to increase by 8%.
GALA is gaining popularity.
What factors could have contributed to this? This could be due to an increase in interest in Gala Games, as confirmed by Google Trends. It has seen a significant increase in interest since the beginning of March.
The increase in appeal could also be attributed to Snoop Dogg’s recent launch of Death Row Records as the world’s first web3 record company on the Gala Music platform. In keeping with this, it released the first NFT music by Snoop Dogg, which was restricted to 500 units.
Despite the societal optimism, this 8 percent rally was merely another day for GALA, as the altcoin has witnessed 13 percent hikes more regularly. Because 80 percent of the altcoin’s rally from February has already been invalidated, it will require sustained periods of appreciation. Furthermore, price indicators did not appear to justify a price increase at the time of publication.
The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) were both bearish neutral. The white dots of the Parabolic SAR were also in line with the candlesticks and had the potential to move above them.
However, because this has not yet occurred, GALA has time until any correction occurs.
Because the altcoin, like the rest of the market, is undergoing consolidation, investors do not see this as an opportunity to participate right now. When the cryptocurrency was on a roll around the 7th of February, GALA holders’ presence increased by 285 percent. Unfortunately, as soon as it was gone, these investors went back to being inactive.
GALA investors, unlike Shiba Inu owners, are more serious investors who have been HODLing for a long time. Despite the fact that both coins were created around the same time, GALA now has roughly 35.78 percent of its supply held for more than a year. In the instance of Shiba Inu, the figure is 1.78 percent.
As a result, the current lack of movement is simply a result of the negative trends. Nonetheless, rising interest will work in GALA’s favor when the cryptocurrency begins a sustained ascent.