Gala/Tether Market Overview: Volatility Picks Up Amid Bullish Signals

• GALA/USDT traded in a 0.0096–0.01022 range, closing at 0.01012 after a bullish late session push.
• A Bullish Engulfing pattern emerged at 0.00976, signaling potential reversal from bearish momentum.
• RSI crossed into overbought territory (75–85) in the final 6 hours, hinting at potential short-term pullback.
• Volume spiked to 27M at 00:15 ET, coinciding with a 0.97% price rally, confirming bullish strength.
• Bollinger Bands showed a slight expansion as price moved away from the midline, indicating rising volatility.

GALA/USDT 24-Hour Summary

Gala/Tether (GALA/USDT) opened at 0.00989 on 2025-10-30 12:00 ET and closed at 0.01012 at 2025-10-31 12:00 ET. The pair reached a high of 0.01022 and a low of 0.00966, with a total traded volume of 637,601,788 USDT and a notional turnover of approximately 6,314,112 USD over the 24-hour period.

Structure & Formations

The GALA/USDT pair displayed a bearish start to the day, with price falling to a 24-hour low of 0.00966 at 17:45 ET. However, a key bullish reversal was signaled by a Bullish Engulfing pattern at 0.00976, where a large bullish candle followed a smaller bearish candle. This pattern is typically a strong buy signal in technical analysis. Later in the session, a Bullish Hikkake setup was observed between 00:15 and 01:00 ET as price broke out of a consolidation range. A series of Hammer and Inverted Hammer patterns between 06:30 and 08:45 ET also suggested a potential reversal from bearish momentum, though they were not confirmed by follow-through buying.

Moving Averages

Short-term momentum favored the bulls over the last 24 hours. The 20-period moving average on the 15-minute chart crossed above the 50-period line at 00:00 ET, indicating a shift in sentiment toward the upside. The 50-period daily moving average (calculated on 1D data) stood near 0.00988 at the start of the period, but the price closed above it by ~2.4%, suggesting a potential breakout. The 200-period moving average, at ~0.00976, acted as a critical support level throughout the session, with price finding repeated support in the 0.00966–0.00976 range.

MACD & RSI

The MACD turned positive at 00:00 ET and remained above the signal line for most of the day, confirming bullish momentum. However, the histogram showed a slight contraction in the final 4 hours, indicating weakening upward pressure. The RSI rose sharply from mid-70s to mid-80s in the last 6 hours of the session, signaling overbought conditions. While this typically suggests a potential pullback, it was supported by a significant volume spike at 00:15 ET, suggesting strong conviction in the rally.

Bollinger Bands & Volatility

Bollinger Bands expanded as price moved away from the midline after 00:00 ET, reflecting increased volatility. Price remained above the 20-period SMA for the majority of the session, with the upper band peaking at 0.01024 around 15:15 ET. The lower band acted as a key support level, with price bouncing from it multiple times between 17:45 and 19:15 ET.

Volume & Turnover

Volume remained moderate until 00:15 ET, where it spiked to 27,197,484 USDT, coinciding with a 0.97% price rally. This volume was among the largest of the day and confirmed the bullish bias. Notional turnover followed a similar pattern, peaking at around $268,000 at 00:15 ET. However, a divergence appeared in the final 3 hours of the session, where volume declined while RSI remained elevated, suggesting potential exhaustion in the bullish move.

Fibonacci Retracements

Applying Fibonacci retracement levels to the major daily swing from 0.00966 to 0.01022, the price found support at the 61.8% level (~0.00997) on multiple occasions. A retest of this level occurred at 05:30 and 07:15 ET, with price rebounding both times. The 38.2% retracement (~0.01003) also provided support, suggesting that the 0.00997–0.01003 zone could become a key area for consolidation in the near term.

Backtest Hypothesis

Given the emergence of a Bullish Engulfing pattern at 0.00976 and the RSI reaching overbought levels in the final 6 hours, these conditions aligned with the backtesting strategy described earlier. While the strategy is currently constrained by a daily data frequency, the formation at 0.00976 could serve as a test case for a modified version that uses 15-minute RSI and candlestick patterns to refine entry and exit timing. A practical approach would be to simulate holding from 00:15 ET (RSI > 70, Bullish Engulfing) to 09:00 ET the next day to assess the effectiveness of the signal in a higher-frequency setting.