Gala/Tether (GALAUSDT) Market Overview

Summary
• GALA/USDT drifted lower amid bearish momentum and waning volume.
• Price action suggests potential support at $0.0086–0.0087.
• RSI shows oversold conditions, hinting at short-term rebound potential.

Gala/Tether (GALAUSDT) opened at $0.00903 on 2025-11-03 at 12:00 ET, peaked at $0.00922, and closed at $0.00884 by 2025-11-04 at 12:00 ET, settling below its opening price. The pair recorded a 24-hour volume of 540,451,255 USDT and a notional turnover of approximately $4,801,750 (based on volume and average price).

Price action over the 24-hour period exhibited a bearish bias, with key resistance levels forming around $0.00905–0.00910 and support forming around $0.0086–0.00875. A significant bearish engulfing pattern was observed around 2025-11-03 20:00 ET, signaling a shift in sentiment toward the downside. Later, a potential bullish hammer formed at 2025-11-04 07:00 ET, hinting at a short-term rebound attempt.

The 15-minute 20-period and 50-period moving averages remained bearishly aligned, with the 50SMA crossing below the 20SMA—confirming a short-term downtrend. MACD showed a bearish crossover with negative momentum, while RSI hit oversold territory at 27–28, suggesting the pair may consolidate or retest support. Bollinger Bands narrowed significantly during the overnight hours, signaling a potential breakout, which occurred to the downside in the morning session.

Volume distribution showed a gradual decline after a mid-session sell-off, with heavy volume concentrated in the $0.00865–0.00880 range. Notional turnover followed the same pattern, confirming the bearish bias. Fibonacci retracements applied to the most recent swing low and high indicated key levels at 38.2% ($0.00879), 61.8% ($0.00866), with the current price near the 61.8% level. This may act as a short-term floor or trigger further selling pressure if broken.

Backtest Hypothesis
To validate the bearish bias observed in the above analysis, a simple backtesting strategy could be designed based on RSI and price behavior. A long entry could be triggered when RSI falls below 30 and the price closes above the 38.2% Fibonacci level. A sell signal is generated when RSI rises above 70 or when price hits the 61.8% Fibonacci level. Using equal-weighted position sizing and a 20-period EMA as a filter could help manage risk while capitalizing on short-term rebounds. If implemented from 2022-01-01 to present, this strategy would require a confirmed ticker symbol such as "GALAUSDT" or a proxy for a similar asset.