Coin98/Tether Market Overview (C98USDT)

• Price for C98USDT rose by 13.4% over the last 24 hours, showing strong bullish momentum.
• Key support held at 0.0488 while resistance tested at 0.0518.
• Volume increased significantly in the last 6 hours, confirming the upward move.
• RSI hit overbought territory at 68, indicating potential near-term pullback.
• Bollinger Bands widened, reflecting higher volatility in afternoon trading.

Coin98/Tether (C98USDT) opened at $0.0489 on 2025-09-17 at 12:00 ET and closed at $0.0516 by 12:00 ET on 2025-09-18. The 24-hour high was $0.0520, and the low was $0.0485. The pair posted a 13.4% gain on a total trading volume of 10,600,000 coins and a turnover of $547,463.

Structure and formations suggest a strong bullish bias throughout the 24-hour period. A significant breakout occurred at 0.0505, supported by a bullish engulfing pattern in the early hours of the trading day. The price remained above this level, consolidating in a tight range above 0.0505, with the key resistance level forming at 0.0518. Notably, a bearish harami pattern emerged in the late afternoon, suggesting a potential short-term pause in the upward trend. A strong support level was confirmed at 0.0488 after price rejected it on two separate occasions.

The 15-minute chart shows the 20-period and 50-period moving averages both trending upwards, with the 20-period MA crossing above the 50-period MA for much of the session, a bullish signal. The daily chart shows the 50-day and 200-day MAs also trending higher, though the 100-day MA lags slightly behind. Price action has remained above both the 50 and 200-day MAs, reinforcing the bullish trend.

MACD turned positive at 0.0008 in the afternoon, with the signal line following closely behind, confirming the upward momentum. RSI rose to 68 during the peak of the bullish move, reaching overbought territory, indicating a potential pause or pullback in the near term. Bollinger Bands expanded significantly as the price surged, with the upper band reaching 0.0520—matching the 24-hour high. The price closed near the upper band, suggesting a continuation of the upward movement unless a sharp reversal occurs.

Volume surged in the last six hours of trading, with the largest 15-minute volume spike recorded at 0.0518 where turnover reached $16,500. This coincided with a small consolidation phase before the final push to the high. Notional turnover was generally aligned with volume increases, confirming the price action. Divergences were observed around 0.0505 and 0.0497, but these were not strong enough to suggest a reversal.

Fibonacci retracement levels from the key swing low at 0.0488 and high at 0.0520 suggest that 0.0508 (38.2%) and 0.0512 (61.8%) acted as temporary support and consolidation points. Price bounced off the 61.8% level at 0.0512 before pushing higher, indicating strong bullish sentiment.

Backtest Hypothesis

The provided backtesting strategy involves entering long positions on bullish engulfing patterns followed by a pullback to key Fibonacci levels (38.2% and 61.8%) with tight trailing stop-loss orders. Given the recent 24-hour action, a long entry could have been triggered at 0.0505 following a bullish engulfing pattern. A pullback to 0.0512 (61.8% retracement) could have offered a second confirmation for entry. A stop-loss could have been placed below 0.0505, protecting against a breakdown of the consolidation phase. A target of 0.0518 to 0.0520 aligns with the most recent high and the upper Bollinger Band. If executed, the trade would have captured nearly 3.1% in the next 24 hours with a risk-reward ratio of approximately 1:1.5.