This is now I am trading the market. Not advice. I just put things out to keep myself honest for post-hoc analysis
A nice strong breakout in GALA is up against a resistance level. I am looking for a back test of the descending wedge, then a strong pump. Will update with my trade setup if this forms up.
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Fundamentals: Gala is my #1 favorite gaming/nft crypto. (I trade it on Bitrue)
GAMES: Strong team that has experience making AAA games. They only have one playable game, but have at least 2 with beta testing for community members. Three others with previews, and they all look awesome. I am particularly excited about Mirandus, a blockchain based MMO with dwarf fortress levels of world simulation behind the scenes.
NETWORK: They have a unique mining model that caps the total number of 'founder nodes' to 50k. It is worth a look to see how their own distributed GALA chain works, but what I like is that all of the work done by the node operators supports the games, no wasted calculations solving useless puzzles.
TOKENOMICS: Straight forward: Gala is issued to node operators for supporting the network, and Gala is used to purchase/trade NFT in-game assets.
Other macro considerations: GALA is aligned with the Flare network and will be the first/lead gaming platform within that ecosystem. Gala will be a native token on the Flare network when it goes live (it is currently on ETH)(. That should diminish transaction fees to the level that they don't matter.
NEWS: public beta for a PVP tank game was announced yesterday, corresponds to the strong breakout
A nice strong breakout in GALA is up against a resistance level. I am looking for a back test of the descending wedge, then a strong pump. Will update with my trade setup if this forms up.
___________________________________________________________________________________________________________
Fundamentals: Gala is my #1 favorite gaming/nft crypto. (I trade it on Bitrue)
GAMES: Strong team that has experience making AAA games. They only have one playable game, but have at least 2 with beta testing for community members. Three others with previews, and they all look awesome. I am particularly excited about Mirandus, a blockchain based MMO with dwarf fortress levels of world simulation behind the scenes.
NETWORK: They have a unique mining model that caps the total number of 'founder nodes' to 50k. It is worth a look to see how their own distributed GALA chain works, but what I like is that all of the work done by the node operators supports the games, no wasted calculations solving useless puzzles.
TOKENOMICS: Straight forward: Gala is issued to node operators for supporting the network, and Gala is used to purchase/trade NFT in-game assets.
Other macro considerations: GALA is aligned with the Flare network and will be the first/lead gaming platform within that ecosystem. Gala will be a native token on the Flare network when it goes live (it is currently on ETH)(. That should diminish transaction fees to the level that they don't matter.
NEWS: public beta for a PVP tank game was announced yesterday, corresponds to the strong breakout
Trade active:
looking at the price action, I called an audible and activated on the back test of the yellow support/resistance line. I also noticed a trendline support there that I hadn't before.
Comment:
Did a little more work on the Gala chart to tighten things up. Here is the most current chart. Seems like it is sitting on 55D MA and a trendline after what looks like a potential ABC correction. Continuation of the wave counts puts a move up into the fib levels+ prior sideways movement zone.
Trade closed: target reached:
got that wick into the target zone today