Market Overview: Gala/Tether (GALAUSDT) 24-Hour Analysis

Summary
• GALAUSDT fell 2.2% in 24 hours, with bearish momentum intensifying after midday ET.
• Volume surged above 25M at key support, suggesting short-term consolidation near 0.0069.
• RSI and MACD indicate overbears are in control, with price near 61.8% Fibonacci retracement.

At 12:00 ET-1, Gala/Tether (GALAUSDT) opened at 0.00709, hit a high of 0.00716, and closed at 0.00707 by 12:00 ET, with a low of 0.00684. Total volume reached 274.18M, and notional turnover hit $192.75K.

Structure & Trends

Price formed a bearish 5-wave pattern from 0.00716 to 0.00684, finding support near 0.0069. A large bearish engulfing candle at 0.00705–0.00696 confirmed short-term bearish bias, with a doji appearing at 0.00703–0.00701, hinting at near-term indecision.

Momentum and Volatility

MACD remained negative throughout, while RSI fell below 30 by early afternoon, signaling oversold conditions. Bollinger Bands showed a moderate expansion after 20:00 ET, with price trading near the lower band, suggesting heightened bearish volatility.

Volume and Turnover

Volume spiked at 0.00698–0.00696, confirming bearish control. Notional turnover surged at 15:30 ET as price dropped to 0.00698, showing strong selling pressure. However, no clear divergence between price and volume emerged during the rebound attempt near 0.00709.

Fibonacci and Retracements

Price reached the 61.8% Fibonacci retracement of the 0.00716–0.00684 leg at 0.00698, where it stalled. A test of the 50% level (0.00702) may follow if bulls re-enter, but a break below 0.0069 could target 0.00685.

Market conditions may remain bearish in the short term, with support at 0.0069 and resistance at 0.00702–0.00705 critical to watch. Traders should be cautious of potential short-covering or renewed selling if macro sentiment shifts.