The leading cryptocurrency is trading above $69,500 as altcoins start to move. Hours ago, we mentioned the possibility of new peaks in altcoins today. Now, with an increase of over 40%, GALA Coin is at its highest level in the last 24 hours. So, why is it rising?
Why Is GALA Coin Rising?
Artificial intelligence and meme coins have had their moment, and now tokens in the gaming/metaverse sector are gaining value. GALA Coin, being one of the most popular ventures in the blockchain-based gaming space, has risen by 43% in the last 24 hours and 121% weekly. The trigger for the price increase is the announcement detailing the economic system of a new blockchain-based game called Last Expedition.
“Thanks to the power of GalaChain, a variety of in-game currencies with different purposes will be used to provide an immersive player experience with nearly infinite combinations and strategic choices.”
The announcement dated March 8 focuses on how the in-game currencies will be used as a reward system. This emphasizes the exchangeability of GALA Coin, which is a supportive factor for the token’s price.
Moreover, a series of articles containing more information about the economic nuances of Last Expedition will be published next week. This is having a multiplier effect on GALA Coin today. We must not forget that such announcements can trigger a positive divergence for tokens during the fervent days of bull markets.
GALA Coin Price Prediction
Bitcoin is on the verge of breaking $70,000 again, and the GALA Coin team continues to make exciting announcements. Naturally, in such an environment, there is nothing more natural than the token price increasing. Especially since it has only risen by 251% in the last few weeks, GALA Coin still has room to grow compared to its peers.
The weekly chart shows a price that has been stuck at lows for 637 days now displaying a reversal intent. If the price continues to close above $0.07, we could see levels of $0.090. Then, Gala Coin will have the opportunity to reclaim the $0.1 level for the first time since May 2022.
In an optimistic scenario, this rally is expected to continue up to the peaks of $0.16 and $0.21. In the challenging environment of bear markets, the price, which had dropped to $0.012 due to overselling, could recover 10-15 times from the bottom (in the early stages). Especially if BTC can catch such a tailwind while targeting new peaks.
