Market Overview for Coin98/Tether (C98USDT) as of 2025-09-25 12:00 ET

• Price fell from 0.0489 to 0.046, a 5.83% drop
• Oversold RSI conditions emerged near 30
• Volatility remained high due to wide Bollinger Band range
• Volume surged during downward swings, confirming bearish bias
• Key support tested at 0.0459, with potential for further downside

Coin98/Tether (C98USDT) opened at 0.0486 on 2025-09-24 12:00 ET, peaked at 0.0489, and fell to a 24-hour low of 0.0449 before closing at 0.046 on 2025-09-25 12:00 ET. Total traded volume reached 22.13 million C98, while notional turnover hit $1.04 million.

Structure & Formations

The price action over the 24-hour period formed several bearish patterns, including a long-legged doji at 0.0486 and a bearish engulfing pattern at 0.0483–0.0482. Key resistance levels were identified at 0.0483–0.0485 and 0.0489, with the latter showing strong rejection during the early afternoon. A strong support zone formed between 0.0458–0.0461, which was repeatedly tested and held.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages crossed into a bearish crossover, with the 20SMA below the 50SMA. The 50-period MA on the daily chart was also below the 100 and 200-period MAs, reinforcing a long-term bearish bias. MACD remained in negative territory with a declining histogram, signaling fading bullish momentum. RSI dipped into the oversold zone near 30 late in the session, suggesting limited room for further declines but a strong bearish trend remains intact.

Bollinger Bands and Volatility

Volatility remained elevated throughout the session, with the 20-period Bollinger Bands expanding to a width of approximately 0.0008. Price spent most of the session in the lower half of the bands, occasionally touching the lower band during late-night sell-offs. A short volatility contraction occurred in the early morning before the price surged downward again, suggesting increased uncertainty and potential for a countertrend move.

Volume and Turnover

Volume was above average throughout the session, peaking at 1.75 million C98 in the early morning hours when the price broke below key support. Notional turnover aligned with volume increases, confirming the bearish momentum. However, a divergence emerged in the final hours of the session, where volume dipped despite continued price weakness, hinting at a possible exhaustion in the bearish trend.

Fibonacci Retracements

Applying Fibonacci retracements to the 0.0489–0.046 swing, the 38.2% level at 0.0476 and 61.8% level at 0.0471 were both rejected during the session. On the daily chart, the 0.0489–0.0459 swing showed key retracement levels at 0.0473 (38.2%) and 0.0466 (50%), which will be watched closely in the next 24 hours for potential bounces or breakdowns.

The market appears to be consolidating in a bearish channel, with strong support and resistance levels in play. While the short-term RSI suggests oversold conditions may limit further declines, the broader trend remains downward. Investors should monitor the 0.0459–0.0461 support area, and any break below that could trigger renewed bearish momentum.

Backtest Hypothesis

A potential backtesting strategy could involve entering short positions on a break below the 0.0461 support level, using a stop-loss at the 50% Fibonacci retracement (0.0466) and taking profit near the 0.0453–0.0456 range, based on intraday volatility and key support levels identified. This setup aligns with the bearish engulfing patterns and strong confirmation from volume spikes during downward moves.