While most of the crypto market gets dragged down by Bitcoin’s downslide, the metaverse offers an exciting investment opportunity, with Gala Games (GALA) on the rise despite the bearish mood weighing on the market. At the time of writing, GALA/USD is trading at around $0.494.

Gala Games Announces $100 Million Fund to Boost Blockchain Gaming

One of the biggest drivers of the bullish price action in the coin comes from Gala Games launching a $100 million fund with C2 Ventures to boost the development of blockchain gaming. The fund was announced after the exciting Galaverse event took place last weekend at Las Vegas where the blockchain for games announced several exciting partnerships to merge gaming and NFTs on the blockchain. Some of the key game deals announced at the Galaverse include ones with AMC, Ember Games, Certain Affinity, Will Wright and Peter Molyneux.

The fund will help support new developers create entertaining and engaging games on the blockchain. It will give developers access to not only funding but also guidance on NFT and pre-sale strategies, designing tokens, fostering in-game economies, marketing and ways to drive community engagement and monetization from their ideas.

More Fundamentals to Support GALA

An exciting game coming up on the Gala Games’ ecosystem to look forward to is The Walking Dead: Empires, which is based off the hit TV show. Unveiled at the Galaverse, the game will be a cross-platform survival MMORPG, bringing zombies into the metaverse, letting players establish a plot of land, develop their area and then defend them.

Another promising development that can offer support to the GALA token is Valour Inc. receiving approval to launch a Metaverse and Gaming Index based ETP. The latest offering will offer institutional investors an opportunity to get in on trending metaverse based projects, which could potentially include exposure to Gala Games as well.

GALA/USD Technical Analysis

On the 4-hour chart of GALA/USD, moving averages and the MACD are exhibiting a strong bearish bias. On the other hand, other popular technical indicators such as the momentum and Stochastics RSI are flashing buy signals as well.

Gala Games is trading under the pivot point at $0.549 at the moment, although the immediate support at $0.468 is holding for now. We need to pay a close attention to this level as an increase in sellers could see it being tested in the near term.