Gala Games Hit by Legal Drama: GALA Price Analysis
Gala Games, the blockchain gaming platform, is currently embroiled in a legal battle between its CEO, Eric Schiermeyer, and co-founder Michael Thurston. The two parties have filed lawsuits against each other in a Utah District Court. Thurston’s counter-claim accuses Schiermeyer of misusing Gala’s funds for personal gain and establishing Gala-related entities in Switzerland and Dubai to further his own business interests.
The fallout from this legal drama has been significant, with leading centralized exchange Coinbase delisting GALA tokens, leaving investors worried about the future of the project.
GALA Price Analysis: Gala Games’ Uncertain Future
The legal turmoil surrounding Gala Games has had a detrimental effect on its token price. Currently trading at $0.013, GALA has experienced downward movements since losing support from the 20-day moving average on July 24. The price has now dropped below the previous all-time low of $0.015.
As GALA enters a period of downside price exploration, with no historical price levels to rely on, it faces the risk of a complete free-fall. Potential lower support levels could be found at $0.0125 and $0.01.
While the RSI indicator shows a bullish divergence, offering a glimmer of hope for investors, the MACD signals bearish divergence. With an uncertain future ahead, GALA investors are eagerly awaiting updates on the legal proceedings.
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Hot Take: Gala Games Faces Uncertain Future Amid Legal Battle
Gala Games’ legal battle between CEO Eric Schiermeyer and co-founder Michael Thurston has sparked concerns about the project’s future. With Coinbase delisting GALA tokens and the token’s price in free-fall, investors are left uncertain about their investments. The ongoing legal drama has created instability in the GALA market, causing downward price movements. While there is a potential for support levels at $0.0125 and $0.01, the overall outlook remains bleak. Investors are closely watching the RSI indicator for any signs of a relief rally, but the MACD signals bearish divergence. With no historical price levels to rely on, GALA investors are in a precarious position, hoping for a resolution to the legal dispute.
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