{"id":370797,"date":"2021-11-22T20:47:25","date_gmt":"2021-11-22T17:47:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/gaming-crypto-gala-rallies-nearly-350-in-november-correction-ahead\/"},"modified":"2021-11-22T20:47:25","modified_gmt":"2021-11-22T17:47:25","slug":"gaming-crypto-gala-rallies-nearly-350-in-november-correction-ahead","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/gaming-crypto-gala-rallies-nearly-350-in-november-correction-ahead\/","title":{"rendered":"# Gaming crypto GALA rallies nearly 350% in November \u2014 Correction ahead?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4063217b719\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4063217b719\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/gaming-crypto-gala-rallies-nearly-350-in-november-correction-ahead\/#Rally_or_correction_ahead\" >Rally or correction ahead?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/gaming-crypto-gala-rallies-nearly-350-in-november-correction-ahead\/#Bearish_divergenceBull_Flag\" >Bearish divergence\/Bull Flag<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Gaming crypto GALA rallies nearly 350% in November \u2014 Correction ahead?  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Gala <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">Game<\/a>s&#8217; in-house currency GALA\u00a0rallied by nearly 350% in November, ignoring corrections across the top cryptocurrencies, including Bitcoin (BTC). Notably, GALA price surged from $0.088 to $0.42 between Nov. 1 and Nov. 22.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/a11bdcf2-a526-41de-ab3d-353e8e5c13be.png\"><figcaption style=\"text-align: center;\"><em>GALA\/USD four-hour price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>GALA&#8217;s gains primarily came in the wake of a price rally across a majority of gaming and metaverse crypto assets. For instance, MANA, the native token of Decentraland \u2014 a blockchain-based\u00a0virtual world that allows users to create, experience, and monetize content and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications, climbed by more than 30% month-to-date.<\/p>\n<p>Similarly, SAND, the native asset of decentralized metaverse project, the Sandbox, more than doubled in prices in November.\u00a0Gaming projects, including Dvision Network (DVI) and Ultra (UOS), also witnessed more than 100% growth in value.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Rally_or_correction_ahead\"><\/span>Rally or correction ahead?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The upside moves across metaverse and gaming tokens picked momentum primarily after Facebook decided to rebrand its parent company to Meta, with CEO Mark Zuckerberg admitting that they would be &#8220;metaverse first,&#8221; not the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> first.<\/p>\n<p>GALA, whose issuance company Gala Games build blockchain-based games, soared to its record high at $0.489 on Nov. 22 amid the metaverse craze. Nonetheless, the cryptocurrency also showed weaknesses in its ongoing bullish momentum as it painted a dreaded head and shoulders (H&amp;S) structure.<\/p>\n<p>One of the most widely known and trusted technical patterns, H&amp;S, appears when the price forms three peaks in a row, with the middle one, called Head, higher than the other two, called Shoulders. Meanwhile, the three peaks have the same support level, called the &#8220;neckline.&#8221;<\/p>\n<p>On its shorter-timeframe chart, GALA&#8217;s formed the left shoulder near $0.39, corrected lower towards its rising neckline support, rebounded towards $0.48 to form the head, got pulled back again towards the same neckline, and has now been recovering to form its right shoulder top potentially near $0.43.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/06b90082-2404-42d3-891c-b4d539f1781d.png\"><figcaption style=\"text-align: center;\"><em>GALA\/USD four-hour price chart featuring H&amp;S setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>A breakout confirmation will appear as GALA closes below the neckline with convincing volumes. Should that happen, the Gala Games crypto would shift its downside target at a length equal to the maximum distance between the Head&#8217;s top and neckline.<\/p>\n<p><strong><em>Related:\u00a0Metaverse gaming tokens Ethverse and Axie Infinity avoid crypto downtrend<\/em><\/strong><\/p>\n<p>That may end up putting GALA en route to $0.24, or about 34% below the potential point of breakout.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bearish_divergenceBull_Flag\"><\/span>Bearish divergence\/Bull Flag<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In addition to H&amp;S, GALA showed a clear divergence between its rising prices and falling momentum. <\/p>\n<p>Notably, the cryptocurrency&#8217;s price formed a string of higher highs. In contrast, its relative strength index (RSI), which measures the magnitude of price changes to evaluate an instrument&#8217;s overbought or oversold conditions,\u00a0formed lower highs, as shown in the chart below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/4b18c3a1-2469-4e30-b31c-e8c5f5cea93c.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>GALA\/USD four-hour price chart featuring bearish divergence. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The GALA bull run also coincided with a decrease in trading volumes, signifying that its price uptrend did not have strong underlying momentum.<\/p>\n<p>As a result, GALA confirmed bearish divergences between its rising price and falling trading volume, doubling down the H&amp;S setup as discussed above. On the other hand, the entire bearish outlook risked invalidation should the price confirm a potential Bull Pennant setup instead, as shown in the chart below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/a9c1f221-69ba-4c6a-b4a0-4a0a593e678e.png\"><figcaption style=\"text-align: center;\"><em>GALA\/USD four-hour price chart featuring bull pennant setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The profit target for the bull pennant sits near $0.69, given GALA breaks out of its Triangle range to the upside with a rise in trading volume.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. 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Notably, GALA price surged from $0.088 to $0.42 between Nov. 1 and Nov. 22. GALA\/USD four-hour price chart. Source: TradingView GALA&#8217;s gains primarily&#8230;<\/p>\n","protected":false},"author":1,"featured_media":370799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvNGEwNTk4MjYtOTM2YS00MmM2LWEwNWUtOThmODUzOGQ5MGJmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,91083,110404,77892,74863,81262,91498,80],"class_list":["post-370797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-blockchain-game","tag-cointelegraph-nft","tag-crypto-collectibles","tag-cryptocurrencies","tag-cryptomarket","tag-metaverse","tag-games"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=370797"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370797\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/370799"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=370797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=370797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=370797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}