Gala Games (GALA) is once again in trouble as price action struggles to push back up above the 20DMA, however, a new partnership with an emerging regenerative agriculture documentary featuring Woody Harrelson could trigger renewed interest in the fleeting project.
This comes amid allegations of theft amounting to $130 million in Gala tokens and corporate mismanagement by Thurston, alongside his investment firm True North United Investments
While Thurston’s counter-claim alleges Schiermeyer lent Gala’s funds to himself for personal use, and even purportedly created Gala-related entities in Switzerland and Dubai, positioning himself as the controlling shareholder to pursue his own business interests.
Yet, the partnership announcement with the ‘Common Ground’ documentary film, a sequel to the successful ‘Kiss the Ground’ predecessor could trigger renewed interest in GALA, with new money drawn in by big names such as Woody Harrelson.
GALA Price Analysis: Is GALA going to Zero? Or Will Woody Harrelson Save the Day?
As Gala Games price action appears to bottom-out, GALA is currently trading at a market price of $0.013 (representing a 24-hour change of +0.52%).
This comes as GALA price attempts to consolidate, after a -8.5% tumble on October 9 saw price tumble back below the 20DMA (which is sat at $0.014).
Loss of 20DMA support has proven catastrophic in recent months, the last time GALA sank below this moving average level price action remained suppressed for 67-days – leading to a value loss of -46%.
The 200DMA continues to trade high above GALA’s descendant upper trendline, with the moving average currently sat at $0.025.
Yet, there could be an emerging glimmer of hope as Gala Games bulls attempt to mount a double-bottomed support level at $0.013 – if this succeeds in returning price back above the 20DMA it could trigger an upside move.
Meanwhile, GALA’s indicators also provide some relief – with the RSI cooled-off to a bullish oversold signal at 41.
This is matched by a completely neutral MACD at 0.00 – highlighting the decisive nature of ongoing price action.
Overall, the 20DMA forms the key level to watch in coming days, if GALA price can push-up above this level – in a strong display of technical strengthening – upside movements could be expected.
However, this comes against a backdrop of multi-month downside price action triggered by serious fundamental headwinds – so caution should be exercised.
To the upside Gala Games has a target at $0.0146 (a potential +7.35%).
While downside risk here could result in a drop to $0.012 (a possible -11.76%).
Gala Games therefore carries a risk: reward ratio of 0.62 – a weak entry dependent on highly decisive price action.
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