Gala Games (GALA) price action has entered complete free-fall as the once shining GameFi project crumbles amid an intense legal struggle between co-founders Eric Schiermeyer and Wright Thurston.
This comes amid allegations of theft amounting to $130 million in Gala tokens and corporate mismanagement by Thurston, alongside his investment firm True North United Investments.
It is alleged Thurston illicitly acquired approximately $130 million worth of GALA tokens tied to the Gala Games ecosystem.
According to Schiermeyer’s suit, these tokens were initially moved to a wallet under the company’s control, only to be subsequently transferred into 43 other wallets by Thurston himself
And in a dramatic turn of events last week, both co-founders have filed lawsuits against each other in a Utah District Court.
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.
The impact has been substantial, with leading centralized exchange Coinbase de-listing GALA tokens over the weekend – leaving ranks of bag-holders concerned about the future of the project.
GALA Price Analysis: Is Gala Games Going to Zero Amid Legal Drama?
With the project’s future in doubt, Gala Games price action is in turmoil, with GALA currently trading at a market price of $0.013 (representing a 24-hour change of -4.44%).
Downside movements have gripped price action in recent weeks, following the sudden loss of 20DMA support on July 24.
In the 49 days since losing the 20DMA, price action has bled-out a tumultuous -44.9%, with the descendant moving average forming a localised ceiling of impenetrable resistance.
Resultantly, GALA price is now trading below the prior all-time low at $0.015 (December 29, 2022).
This leaves no historical price levels remaining, exposing GALA to a complete free-fall as price action enters downside price exploration – depicted in the collapsing 200DMA.
Looking to psychological price levels, $0.0125 and $0.01 could form potential lower support levels.
The RSI is perhaps the last remaining hope for bag-holders as the brimstone of lawyers and lawsuits threatens to disintegrate the once promising future of GALA.
With the indicator cooled-off to a significant bullish divergence at 21 – consolidation could form here as markets await further updates from the unfurling legal saga.
However, the MACD conflicts this silver-lining, showcasing dramatic bearish divergence at -0.00023.
Overall, GALA is in free-fall, downside action is to be expected – and with an uncertain future bag-holders will be awaiting a much needed relief rally for a quick exit.
With price in serious free-fall, upside potential is limited to yesterday’s high of $0.01495 (a potential +6.8%).
While to the downside, price could tumble to a lower psychological support level at $0.0125 (a possible -10.7%).
This leaves Gala Games with a risk: reward ratio of 0.63 – a bleak entry dominated by downside risk.
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