Market Overview for Gala/Tether USDt on 2025-09-06

• Gala/Tether USDt opened at $0.01603 and closed at $0.01592, with a 24-hour high of $0.0162 and a low of $0.01582.
• Price showed a bullish impulse in the early evening, followed by a consolidation phase and a bearish reversal in the early hours.
• Volume peaked at 29.3 million during a key $0.0162 high, while turnover confirmed strong liquidity.
• RSI signaled overbought and oversold levels, with momentum shifting several times.
• A bullish engulfing pattern was observed at $0.01603–$0.01607, while a bearish harami appeared near the 24-hour low.

Gala/Tether USDt (GALAUSDT) opened at $0.01603 on 2025-09-05 and closed at $0.01592 on 2025-09-06. The 24-hour range extended from $0.01582 to $0.01620. Total traded volume stood at 183,199,597.0 units, while notional turnover reached $2,931,195.50, reflecting moderate liquidity and mixed market sentiment during the period.

Structure & Formations

The price chart shows a range-bound pattern with key support and resistance levels forming. A bullish engulfing candle appeared between $0.01603 and $0.01607, suggesting a short-term reversal, while a bearish harami at $0.01590–$0.01593 indicated indecision. The price tested the $0.01612–$0.01620 zone three times, with the last rejection at $0.01620 indicating a strong upper barrier. Conversely, a strong support level formed at $0.01582–$0.01585, which withstood multiple attempts to break below it, suggesting strong buying interest at these levels.

A notable bearish divergence formed on the RSI as price moved higher during the early evening but failed to match the momentum, hinting at possible exhaustion in the bullish trend.

Moving Averages

On the 15-minute chart, the 20-period moving average rose from $0.01596 to $0.01599, while the 50-period MA moved from $0.01599 to $0.01602, indicating a slight bullish bias in the short term. However, on the daily chart, the 50-period MA sits at $0.01594 and the 200-period at $0.01590, with price currently trading near the 50 MA but below the 200 MA, suggesting a mixed medium-term outlook.

The 100-period MA at $0.01592 aligns with the current price level, implying potential consolidation ahead unless a breakout occurs on either side.

MACD & RSI

The MACD crossed into positive territory in the early evening session, confirming bullish momentum. However, it quickly returned to neutral as bearish pressure increased. RSI reached overbought levels at 66, and oversold territory at 33 during the night, showing volatile swings. The indicator currently sits at 49, suggesting equilibrium between buyers and sellers.

The RSI divergence mentioned earlier reinforces the likelihood of a near-term reversal, especially if price fails to retest $0.01620.

Bollinger Bands

The Bollinger Bands (20-period, 2σ) narrowed significantly between 00:00 and 05:00 ET, indicating a period of low volatility. As the bands expanded, price moved closer to the upper band at $0.0162, suggesting a breakout attempt. However, the failed attempt backtested the upper boundary as a key resistance.

Currently, price is trading near the middle band at $0.01599–$0.01602, suggesting continued sideways movement ahead unless volatility increases and a clear directional move occurs.

Volume & Turnover

Volume spiked to 29.3 million units during a candle that peaked at $0.01620, confirming the importance of the level as a resistance. The notional turnover during that candle totaled ~$477,500, which is significantly higher than the average of ~$100,000 per 15-minute candle.

Despite the bearish close, volume during the closing hours increased to an average of ~$200,000 per candle, indicating heightened activity. However, the price action did not confirm the volume, suggesting potential exhaustion.

Fibonacci Retracements

Applying Fibonacci to the swing high of $0.0162 and the swing low of $0.01582, the 38.2% retracement level lies at $0.01597 and the 61.8% at $0.01607. Price has tested the 61.8% level multiple times, with the last rejection confirming a potential short-term top.

If a bearish move resumes, the 38.2% level may offer support. A break below $0.01582 would target the next Fibonacci extension at $0.01577, but that is seen as less probable unless volume and momentum confirm the move.

Backtest Hypothesis

A potential backtesting strategy for GALAUSDT could involve entering long positions at the 38.2% Fibonacci retracement level of $0.01597, with a stop-loss placed below the most recent swing low and a take-profit at the 61.8% level of $0.01607. Alternatively, a short entry could be considered at the 61.8% level with a stop above the most recent high and a target at $0.01597.

This approach aligns with the observed Fibonacci levels and the bearish divergence on RSI, offering a structured and risk-managed approach for scalping or short-term trading.