Market Overview: Gala/Tether (GALAUSDT) 24-Hour Price Action and Technical Drivers

• GALA/USDT dropped sharply from a 24-hour high of $0.01267 to a low of $0.01117 amid heavy selling pressure.
• Price is currently consolidating near $0.01155, with bearish momentum evident from RSI and MACD divergence.
• Volatility has expanded, with Bollinger Bands widening significantly during the selloff.
• Notable bearish patterns include a strong breakdown below key support at $0.0117 and a bearish engulfing pattern at 2025-10-14 06:30 ET.

Gala/Tether (GALAUSDT) opened at $0.0121 on 2025-10-13 12:00 ET, surged to $0.01267, and fell to a 24-hour low of $0.01117 before closing at $0.01155 on 2025-10-14 12:00 ET. Total volume reached 498.7 million tokens, with a notional turnover of ~$61.3 million, signaling strong selling pressure and volatility.

Structure and key levels reveal a bearish bias as price broke below the 0.0117 support, triggering a cascade lower. A bearish engulfing pattern formed on the 15-minute chart at 06:30 ET, confirming the breakdown. Key support levels currently include $0.01155 (immediate), $0.01134, and $0.01117. Resistance is likely at $0.0117–$0.0118, with a failure to reclaim this level potentially extending the decline.

The 15-minute chart shows the 20-period MA at $0.0116, and the 50-period MA at $0.0117, both below the current price, reinforcing the bearish trend. On the daily chart, the 50-period MA sits at $0.0120, far above the current level, indicating a strong downtrend. The MACD crossed below the signal line early in the sell-off, while RSI approached oversold territory near 30, suggesting the move could stabilize or consolidate in the near term.

Bollinger Bands have expanded significantly during the selloff, with price trading near the lower band at $0.0113–$0.0114. This volatility expansion may indicate short-term exhaustion of the move lower, though a breakout below $0.01117 could re-engage bearish momentum.

Volume and turnover spiked during the breakdown below $0.0117, with over 46 million tokens traded in the 07:00 ET session. The increase in turnover aligns with the price decline, suggesting conviction in the bearish move. However, a divergence between price and volume in the final 3 hours may indicate waning momentum and a possible short-term bounce.

Fibonacci retracement levels from the recent $0.01261 high to the $0.01117 low show 61.8% at $0.01155, which currently aligns with the 15-minute close. A retest of 38.2% at $0.01191 may be the next target if buyers attempt to reestablish control.

Backtest Hypothesis
Given the current bearish momentum and RSI nearing oversold levels, a potential backtesting strategy could involve identifying RSI < 30 signals on the 15-minute chart and holding for up to five days. If applied to GALAUSDT using a similar RSI and price action framework, this strategy could explore whether short-term rebounds are possible during sharp declines. However, with the market already in a strong downtrend and no clear signs of reversal, the strategy may yield limited or negative returns unless a larger bullish catalyst emerges.