Coin98/Tether (C98USDT) 24-Hour Market Overview

• C98USDT declines 0.57% over 24 hours amid bearish momentum and expanding volatility
• Price action breaks below key 0.0405 support level and tests 0.0390 area
• RSI remains in oversold territory, suggesting potential for near-term bounce
• Notional turnover spikes at 0.0410–0.0420 range, indicating prior resistance
• Bollinger Bands widen, reflecting heightened short-term uncertainty

Coin98/Tether (C98USDT) opened at 0.0401 on October 13 at 12:00 ET and closed at 0.0388 on October 14 at 12:00 ET, hitting a high of 0.0426 and a low of 0.0372. Total volume was 69.68 million C98 and turnover was $2,876,266. Price action shows a bearish bias with a strong breakdown below key psychological levels.

Structure & Formations

The price action over the last 24 hours has shown a clear breakdown from the 0.0405 support level, with a subsequent test of the 0.0390–0.0395 support zone. Notable candlestick formations include a bearish engulfing pattern at the 0.0426 high and a long lower wick near 0.0390, suggesting short-term support holding. A doji near 0.0392 also indicates indecision. Key resistances appear at 0.0405 and 0.0412, while supports lie at 0.0390 and 0.0380.

Moving Averages

The 15-minute chart shows the 20-period MA below the 50-period MA, reinforcing the short-term bearish bias. On the daily chart, the 50-period MA has crossed below the 100 and 200-period MAs, indicating a potential shift in broader trend. Prices are currently below all three moving averages, suggesting a continuation of the bearish momentum.

MACD & RSI

The RSI is currently in oversold territory at 28, signaling potential for a near-term bounce. MACD is negative with a bearish crossover, reflecting declining momentum. The histogram has been shrinking, which could indicate a slowing of the sell-off.

The MACD histogram has been shrinking, and the RSI is near oversold levels, suggesting a potential near-term correction, though the bearish bias remains intact. If the RSI fails to close above 50, the downtrend could continue.

Bollinger Bands

Bollinger Bands have widened significantly over the past 24 hours, reflecting increased volatility. Price has spent most of the session below the lower band, indicating bearish pressure. A closing above the middle band (currently at ~0.0407) would signal a potential reversal attempt, but that appears unlikely without a sharp volume spike.

Volume & Turnover

Volume has been above average in the 0.0400–0.0420 range, where prior resistance was clustered. Notional turnover was heaviest around 0.0415–0.0420, indicating a significant number of traders were active in that area before the breakdown. Price and turnover are aligned in the lower end of the range, suggesting continuation of the bearish trend.

Fibonacci Retracements

Fibonacci levels from the 0.0372–0.0426 swing show a 38.2% retracement at 0.0406 and a 61.8% retracement at 0.0394. Price is currently testing the 61.8% level and may find temporary support there. A break below 0.0394 would target the 0.0380 level next.

Backtest Hypothesis

A potential short-selling strategy could be triggered by the RSI crossing above 70, which has not occurred in this period but may be used as a general signal for overbought conditions. Using a 5% stop-loss and closing the position when RSI returns to below 50 (a common return-to-neutral signal) aligns with the observed bearish momentum and RSI readings. Given the current RSI in oversold territory and MACD bearish crossover, this strategy would have been inactive during this 24-hour period. However, if RSI rises again in the next 24 hours, this framework could be deployed with clear exit rules for risk management.