Published
5 months ago on
November 21, 2023
Table of Contents
The Securities and Exchange Commission (SEC) recently has charged Kraken with operating as an unregistered securities exchange and commingling customer funds, reflecting ongoing tensions between crypto industry players and US regulators. In spite of this, the Bitcoin price has remained rather stable. It is clear from this situation that crypto regulation is inherently complex. Still, even these developments do not seem to sway investor sentiment.
Overall crypto market sentiment, currently influenced by regulatory battles and discussions around crypto ETFs, has a significant impact on the journey of tokens like GALA. If you're keen on exploring the potential of GALA don't miss the latest insights on GALA price prediction. Delving into this price analysis could unveil some unexpected twists and turns for GALA in the years to come.
GALA Technical Analysis
On the tech analysis front, GALA may not be as big as Bitcoin or Ethereum, but it's carving out its own story of growth and opportunity. As a token powering the Gala Games ecosystem, it's a token with promise in the gaming-blockchain combo, offering a unique opportunity for both investors and gaming enthusiasts.
GALA has shown an impressive increase of nearly 80% over the past month, with a year-to-date increase of 42%. Currently, the GALA market capitalization stands at approximately $659.3 million.
The Simple Moving Average (SMA) for 10 days is at $0.02543, slightly above the 200-day SMA of $0.02413, indicating a short-term bullish trend.
The 14-day RSI is at 46.67, suggesting that GALA is neither overbought nor oversold at the moment.
GALA has resistance levels at $0.03014, $0.02925, and $0.02810. The support levels are identified at $0.02252, $0.02136, and $0.02047.
GALA Price Prediction
Given the recent bullish trend indicated by the crossing of the 10-day SMA over the 200-day SMA, GALA might continue to see an upward trajectory in the short term, potentially testing the recent 1-month high of $0.027100.
In the medium term, the key retracement levels from the 52-week high/low (ranging between $0.04346 and $0.03165) will be critical to observe for potential reversal points.
For the long-term, if GALA maintains its current momentum, it could challenge its 52-week high of $0.06260. However, a bearish turn might see it retract towards its 52-week low of $0.01252, especially if broader market conditions turn unfavorable.
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Conclusion
Wrapping up, the recent SEC charges against Kraken highlight the ongoing friction between crypto companies and US regulators. Despite this, the Bitcoin value hasn't really been shaken much. It's a clear sign of how tangled and intricate crypto regulation is. But interestingly, none of these happenings seem to be denting investor confidence in crypto. The overall mood in the crypto market is playing a crucial role in the path tokens like GALA take. At the end of the day, the market will ultimately dictate the success of any token.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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