Market Overview: Gala/Tether (GALAUSDT) – 24-Hour Movement and Technical Indicators

Summary
• GALAUSDT tested key support at 0.0071–0.00715 before rebounding.
• Volume spiked sharply during late ET hours, confirming a potential short-covering rally.
• RSI showed oversold conditions early, hinting at a possible reversal.
• Bollinger Bands tightened midday, followed by a breakout in the final hours.
• A bullish engulfing pattern formed near 0.00723–0.00726, suggesting renewed buying pressure.

Gala/Tether (GALAUSDT) opened at 0.00719 (12:00 ET–1), reached a high of 0.00741, fell to a low of 0.00703, and closed at 0.00711 by 12:00 ET. Total volume over the 24-hour period was approximately 203,629,674.0 units, with notional turnover amounting to roughly 1,463,666.0 USD.

Structure & Formations

GALAUSDT tested key support levels at 0.0071 and 0.00707 before rebounding during the morning hours of 2026-01-09. A bullish engulfing pattern formed near 0.00723–0.00726, suggesting renewed buying pressure. A key resistance appears to be forming near 0.0073–0.00732, where price stalled during the afternoon session.

Moving Averages and Momentum

Short-term moving averages (20/50) on the 5-minute chart moved higher during the afternoon session, indicating a potential shift in momentum. The RSI showed early oversold conditions, reaching as low as 24, before bouncing in line with price. MACD diverged slightly in the final hours, with a positive crossover forming as price approached 0.0072–0.00724.

Volatility and Bollinger Bands

Bollinger Bands narrowed significantly during the early morning hours (02:00–05:00 ET), signaling a period of low volatility before a breakout. Price closed near the upper band at 0.00729, with a possible continuation of the rebound expected if it holds above 0.00715.

Volume and Turnover

Volume surged during the afternoon and evening sessions, especially between 13:00 and 17:00 ET, with the largest 5-minute volume spike reaching 19.6 million units at 15:30 ET. Notional turnover mirrored the volume pattern, with a sharp increase during the rebound from 0.00707 to 0.00718.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 5-minute swing from 0.00703 to 0.00732, price found temporary support at the 61.8% level (0.00719) and is now testing the 50% level at 0.00717. On the daily chart, a 38.2% retracement at 0.00715 could provide short-term support if the rally stalls.

Looking ahead, a sustained close above 0.0072 could confirm a shift in sentiment. However, traders should remain cautious of potential profit-taking near 0.0073 and be prepared for volatility if volume cools or order flow reverses.