Market Overview for Gala/Tether (GALAUSDT): Volatility and Breakdown in 24 Hours

Summary
• GALAUSDT traded in a narrow range until late afternoon ET, followed by a sharp decline into overnight hours.
• Key support at 0.00652-0.00655 held briefly but failed overnight, signaling potential bearish continuation.
• Volume increased substantially during the decline, suggesting aggressive selling pressure.
• RSI entered oversold territory, hinting at a potential short-term rebound.

Gala/Tether (GALAUSDT) opened at 0.00663 on 2025-12-16 at 12:00 ET, reaching a high of 0.00683 and a low of 0.00632 before closing at 0.00642 on 2025-12-17 at 12:00 ET. Total volume reached 172,725,961.0, with a notional turnover of approximately $1,139,748.

Structure & Formations

Price action from 15:00 to 17:00 ET showed a bearish breakdown with a series of engulfing and shooting star patterns. Key support levels at 0.00652 and 0.00655 were tested twice but failed to hold, suggesting a stronger downward bias. Resistance at 0.00664-0.00666 held for much of the day but gave way during the overnight selloff.

Moving Averages

On the 5-minute chart, price closed below both 20 and 50-period SMAs during the selloff, reinforcing bearish momentum. Daily 50/100/200 SMA alignment suggests a continuation of the medium-term bear trend.

Momentum and Volatility

MACD turned negative during the afternoon, confirming bearish sentiment. RSI dropped into oversold territory (~28) by early morning, suggesting short-term accumulation. Bollinger Bands widened significantly during the sharp move from 0.00677 to 0.00632, reflecting a burst of volatility.

Volume and Turnover

Volume spiked sharply during the 15:00-16:00 ET session and again during the overnight low. This aligns with price declines, supporting the bearish bias. However, a divergence in price and turnover during the final 3 hours suggests a potential short-term pause.

Fibonacci Retracements

A 5-minute swing from 0.00667 to 0.00632 suggests a 61.8% retracement level at ~0.00649 as a possible near-term target. Daily retracement levels from the recent high of 0.00683 to the low of 0.00632 indicate 38.2% support at 0.00664 and 61.8% at 0.00646, both of which were tested during the session.

Price may consolidate near 0.00642 before attempting a rebound, but the risk of further downside toward 0.00632 remains elevated. Investors should watch for a break of 0.00646 as a bearish signal and look for RSI divergence as a potential short-covering opportunity.