Link to my post

Introduction

Greetings, fellow steemians! I'm excited to be a part of this great competition. I'll be joining Team Investors, led by teacher @pelon53, for this week's challenge. So let's begin.

• The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc

Gala Games ecosystem's digital utility token is GALA token. It's cryptographically secure and comes from the Gala Games universe. GALA can be shared across users, and they have complete freedom over how they use it. The Gala Games Ecosystem is powered by GALA.

We've seen how a gaming platform can be used to market a token in recent years, and GALA is a blockchain based token that can be used to make purchases in the GALA game. Combining a gaming platform with the creation of a cryptocurrency as the in-game currency is a great concept because it puts the players in charge of the game's numerous activities.

We all know how dedicated most gamers are to a specific game, and now they can make money simply by playing more games. You can invest your time and use the GALA token to buy any object in the game, as well as accomplish missions and level up game characters in the hopes of selling them later, and You can make a lot of money by doing so.

GALA CREATOR

GALA game was lunch in 2019 by Eric Schiermeyer , the co-founder of Zynga application.

Source

The GALA token has been listed on numerous exchanges, including Binance, FTX, OKX, BingX and Bybit etc. The following is information about GALA that was obtained from coinmarketcap.

Source

Price: $0.279

Rank: #60

Marketcap: $1,950,919,779

Volume: $738,721,933

Volume/Marketcap: 0.3783

Circulating Supply: 6.98B GALA

• Why am I optimistic on this token today

I feel this token will increase in value and GALA coin been one of the most popular in-game token which has made a stand out in trading , I observed on my technical analysis chart that the currency just experience an uptrend for some time, which is true of practically all crypto assets. The median and RSI indicators were employed in this study. The median indicator is a trend-based, trend-catching indicator. It can be used to predict market direction and volatility to some extent. Simply put, it displays the median value of the chart's high and low points during a specified time period. This is accomplished by the use of ATR (Average True Range). It's a thick median line that works as a moving average and changes color based on whether the market is in a bear or bull market. Actually, When the median line crosses the same-length EMA, the green band appears, whereas the purple band appears when the median line crosses the same-length EMA.

Source

I also study market with using another time frame (15mins)

Source

• Analysis of the Token

The Indicator was taught in the academy, as evidenced by the thick median line that works as a moving average and is colored purple or green depending on whether the market is in a bear or bull market. When the median line crosses the same-length EMA, the green band appears, whereas the purple band appears when the median line crosses the same-length EMA. I saw that the market has been in an uptrend using a 5min and 15min time frame

I spotted the RSI indicator at the overbought zone which is always follow by a downtrend , and that the price has crossed resistance a few times and the median indicator was showing a spike in the price with confirmation from RSI indicator, I placed a sell trade with a 2:1 profit to loss margin and RSI indicator was about to start a downtrend So I entered a sell trade at 0.27913 and set my take profit at 0.27308 and my stop loss at 0.28238

Source

The image below shows my orders carried out on binance exchange. So I entered a sell trade at

Source

Source

After some time I discovered the market hit set my take profit at 0.27297 with profit of $0.31416000

Source

Source

Trade Info

Parameters	info
Entry	0.27913
Take Profit	0.27308
Stop Loss	0.28238
Ratio	1:2
Profit Made	$0.31416000

• Your plan to keep it for a long time or when to sell it?

Because of the market's volatility, I don't intend to hold the trade for an extended amount of time, instead, I just do short-term trading to benefit whenever the market exceeds the stop loss order, and because I'm still new to futures trading, and also the token is mostly influenced by the gamer which as I would see it a major disservice. Let assume gamers lose interest on the GALA game, this will intensely influence the coin unpredictability in a negative way.

• Do you recommend everyone to buy? Give reasons for recommending or not recommending

I will suggest this coin but for long time speculation. We have seen so many innovative progression like Metaverse. It assessed that by 2026 practically a great many people will be will investigating the Metaverse environment and GALA token can also be adopted as a means of payment. Therefore the price of GALA is expected to increase.

Conclusion

In this assignment I was able to trade GALA/USDT for the on binance future market and also analyze the GALA token. Like I said Gala Games ecosystem's digital utility token is GALA token. It's cryptographically secure and comes from the Gala Games universe. GALA can be shared across users, and they have complete freedom over how they use it. The Gala Games Ecosystem is powered by GALA.

Am Thankful professor Professor @pelon53 for this wonderful lecture and also time.

Cc:
@pelon53

t