Bitcoin price decline has accelerated again, falling from $67,000 back to $63,000. We might see rises in specific altcoins, but there is a general sense of unease about a new battle in the cryptocurrency space. GALA Coin could stand out positively during this period. Let’s now take a look at the latest situation in the popular crypto project in the GameFi sector.
GALA Coin Commentary
The price of Gala, an altcoin, dropped about 28% within 48 hours and became a victim of heavy selling like other altcoins. Despite the sharp drop in price, the courage of major investors in the whale group has not been broken. Addresses holding between $1 million and $10 million worth of GALA Coin are seeing an increase in their holdings.
According to current data, this whale group has accumulated $160 million and continues to maintain a strong stance. The total asset value held by the large whale group has climbed to $504 million.
On the other hand, current MVRV data also suggests that it might be a good time to accumulate GALA Coin. The MVRV ratio measures investor profit/loss. Gala’s 30-day MVRV at -21% indicates that investors might start buying. Historical data shows that MVRV levels between -14% and -24% have triggered accumulation waves that led to price increases.
GALA Coin Price Prediction
Gala price rebounded from a support of $0.039 to $0.044 and could see further increases due to the reasons mentioned earlier. Altcoin could initiate a movement targeting the support and resistance of the falling wedge it was in before the crash. The technical aspect points to a potential resistance at $0.065.
If the expected recovery begins, a 43% rebound in price is likely. However, if optimism wanes before Gala price surpasses $0.050, a harsher drop scenario could emerge if the $0.039 level is lost.
Upcoming statements indicate that tensions in the Middle East could escalate further, making it difficult for bulls to maintain a positive scenario. As Bitcoin price fluctuates around $62,700, investors might hit the sell button as Israeli missiles target Iran.
