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.
But while GALA holders face despair, smart money are undertaking a lucrative capital rotation into an emerging Bitcoin derivatives presale that offers the opportunity to supersize your portfolio’s gains.
Meet Bitcoin BSC: Delivering a New Era of Bitcoin Staking On-Chain With +$4M Raised
On-Chain Summer has given rise to an emerging vertical of Bitcoin off-shoot projects. While the term “Bitcoin derivative” might raise eyebrows, here’s what it signifies: a digital asset that leverages the strengths of Bitcoin and, at the same time, offers enhancements to rectify its challenges.
And with more than $4m raised this is what has markets so excited about Bitcoin BSC.
BTCBSC’s commitment to retaining Bitcoin’s cherished tokenomics, including the iconic 21 million token cap, ensures familiarity, while its unique offerings make it stand out.
One can’t help but marvel at BTCBSC’s integration with BSC (Binance Smart Chain), promising lightning-fast transaction times and minimal fees.
Forget the 10+ minute wait times of traditional Bitcoin; with BTCBSC, your transactions are confirmed in under five seconds, all for a mere $0.10.
This enhanced efficiency opens the door for broader usability, ensuring BTCBSC’s relevance for a range of dApps, from microtransactions to significant financial remittances.
But that’s not all, BTCBSC’s adoption of proof-of-stake over proof-of-work offers a greener, more sustainable mechanism that’s in line with contemporary environmental concerns.
By doing so, it ensures that the energy concerns that often plague traditional cryptocurrencies are a thing of the past.
Delivering Staking to Bitcoin: How Proof of Stake Changes the Game for Holders
BTCBSC isn’t just a token; it’s an investment strategy – focused on: Staking, which has become a focal point in the DeFi space, takes center stage in the BTCBSC ecosystem.
The benefits are two-fold: it offers token holders a lucrative yield (imagine an APY of 8-10%!) and it promotes long-term holding, reducing the notorious price volatility often seen with new crypto projects.
By distributing a staggering 69% of the total token supply as staking rewards over 120 years, BTCBSC not only incentivizes holding but promises sustained and stable growth.
Seize the Moment: The BTCBSC Presale Surges to $3M+ Raised in First Week
Now comes the crux: the BTCBSC presale -a limited-time opportunity, the presale offers 29% of the total token supply to early participants at a tantalizing price of $0.99 per token.
Comparing this to Bitcoin’s 2011 price gives a nostalgic yet optimistic perspective on BTCBSC’s potential.
With liquidity already locked via Unicrypt and a soon-to-be launch on PancakeSwap, the prospects for BTCBSC are incredibly promising.
The parallels to the surges seen in other Bitcoin derivatives, like BCH and BTC20, cannot be ignored.
BTCBSC is poised to not only emulate, but potentially surpass these successes, especially with its strategic staking model.
So in ever volatile crypto markets, BTCBSC emerges as a beacon of innovation and promise – delivering advanced features, combined with the trustworthiness of Bitcoin’s legacy, has seen BTCBSC break-out as a top tier investment opportunity.
As the crypto community eagerly watches the BTCBSC journey, it’s clear that this is more than just another token; it’s a movement, a strategy, and most importantly, an opportunity.
Join the future; join the BTCBSC revolution. Stay tuned for the latest ICOs.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
This news is republished from another source. You can check the original article here.