Outside Source
Gala Games (GALA) continues to tumble in the aftermath of a legal dispute between co-founders Eric Schiermeyer and Wright Thurston, which has so far seen GALA bleed-out -32%.
It is alleged Thurston illicitly acquired approximately $130 million worth of GALA tokens tied to the Gala Games ecosystem.
But 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.
In the latest move, the allegedly stolen assets have been frozen and secured reports suggest, pending the case, leaving some $GALA bag-holders anticipating a pause in the free-fall as risk to the ecosystem reduces.
GALA Price Analysis: Is Gala Games Going to Zero Amid Legal Fight?
As price action continues to post new all-time lows, Gala Games is currently trading low in the channel at a market price of $0.013 (representing a 24-hour change of -2.59%).
This comes following a failed +10.8% bounce from support at $0.01375, which triggered on September 13, before heading into complete retracement on September 17.
Price action remains trading significantly below the descendant 20DMA (currently stood at $0.015).
The 20DMA has formed a capstone of unbreakable resistance for GALA price action since July 24, effectively supressing any upside move for 59 days.
Meanwhile, the 200DMA remains high above price action, gently descending at $0.028 – in a reflection of the bleak price action this summer.
GALA’s indicators provide some relief for underwater bag-holders, with the RSI cooled-off to a significant degree at 25.70 – a clear oversold signal.
While such a low reading on the RSI would normally indicate an imminent upside move, given the strong fundamental headwinds faced by Gala stemming from the irresponsible legal dispute between Co-Founders – it is likely the RSI will remain at an over-sold signal for a significant period of time.
The MACD also offers a glimmer of hope, with the indicator currently stood with minor bullish divergence at 0.00009.
Overall, GALA price action is miserable here, with cascading tumbles continually creating new all-time lows, and a heated dispute at the steering wheel – downside action is likely to continue unless GALA can bounce above the 20DMA.
To the upside, this leaves price action capped by moving average resistance at $0.015 (a potential +10.95%).
While downside risk continues price exploration, with a tumble to lower trendline support at $0.0123 likely on the cards (a potential 9.02%).
This leaves GALA facing a risk: reward profile of 1.21 – a mediocre entry, overshadowed by severe fundamental weakness.
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This article first appeared at Cryptonews
