Gala Games crashes by nearly 40% after losing crucial support

Gala Games (GALA), one of the leading metaverse and blockchain gaming tokens, is currently in free fall. The coin follows the broader crypto market in decline, but its losses have been much worse than expected. Is there any chance of recovery? Here are the main facts:

• GALA has crashed by nearly 40% after losing its $0.07 support

• The metaverse coin is essentially in free fall and could enter a bear market in the coming days

• GALA is down nearly 65% from its monthly highs at the start of May

Data Source: Tradingview 

Can GALA recover after this bloodbath?

Recovery for GALA will of course come. But we do not see it happening anytime soon. Sentiment in the market is now very unpredictable. It appears many investors are cashing out on their crypto assets, with sustained losses hitting most coins. This is not a buyers’ market and as such, we expect GALA to drop further before any reversal. 

It will be very interesting though to see how the price action will play out once it dips below $0.05. After all, this has been a very psychologically important threshold for GALA bulls. At the moment, the metaverse coin is slightly above this price.

Based on trends in the market, it won’t be a surprise if it falls further. It is likely that the free-fall will continue before GALA bottoms at around $0.02.

How to profit from GALA right now?

This is not the best time to buy GALA. If you want to do it, it would be much better to wait for a week or thereabout. We expect the price to bottom way below $0.05. 

Once this happens, the coin will be trading at nearly a 100% discount from its May highs. That will be the most ideal dip to buy, especially if sentiment in the broader market improves.