Market Overview for Coin98/Tether (C98USDT) on 2025-10-08

• C98USDT traded lower over 24 hours, closing near intraday lows with bearish momentum.
• Strong volume spikes observed during key price swings, highlighting market participation.
• RSI and MACD show moderate bearish momentum, with no overbought conditions.
• Price appears to consolidate within a descending channel, suggesting near-term bearish bias.
• Volatility expanded during the early morning session, with price finding temporary support near 0.0572.

Market Context and Price Summary

At 12:00 ET−1 on 2025-10-07, C98USDT opened at 0.0598 and reached a high of 0.0619 before closing at 0.0589 at 12:00 ET on 2025-10-08. The pair traded as low as 0.0572 during the session, with total volume amounting to 38,166,454.2 and notional turnover of approximately $2,249,094. The price action reflected a bearish bias amid moderate volatility, with key support levels holding during sharp pullbacks.

Structure & Formations

The price formed a descending channel over the past 24 hours, with intraday resistance clustering around 0.0605–0.0612 and support anchoring near 0.0585–0.0572. A bearish engulfing pattern emerged during the early morning hours at 0.0576, suggesting short-term bearish continuation. A doji formed around 0.0589 late in the session, indicating indecision and possible short-term consolidation.

Moving Averages

On the 15-minute chart, the 20 and 50-period moving averages remained in a bearish configuration, with the 20 MA crossing below the 50 MA during the early morning session. This bearish crossover, combined with the price staying below both, reinforced the downward trend. The 50-period MA on the daily chart has been descending steadily, with the price trading below this line for multiple days, reinforcing a long-term bearish bias.

MACD & RSI

The 15-minute MACD showed a bearish crossover, with both the signal line and histogram trending lower. RSI dipped into the 40–50 range, suggesting moderate bearish momentum with no overbought conditions. Although RSI has not reached oversold levels, the divergence between price and RSI during the mid-morning consolidation suggested weakening bearish momentum, hinting at potential short-term stabilization or a bounce.

Bollinger Bands

Volatility expanded overnight as price moved from 0.0593 to 0.0576, expanding the Bollinger Bands. The price closed near the lower band, suggesting continued pressure. A period of contraction occurred mid-day, with the bands narrowing, typically a precursor to increased volatility. Price is likely to find direction in the coming session, either breaking down further or rebounding into the middle band.

Volume & Turnover

Volume surged during the overnight lows, with the largest spike occurring around 0.0576 when approximately 3.36 million units traded. Notional turnover mirrored this, confirming the bearish move. Conversely, volume decreased during the consolidation phase, indicating reduced conviction from sellers. The divergence between volume and price movement in the mid-day hours suggests a potential exhaustion of bearish momentum.

Fibonacci Retracements

On the 15-minute chart, the price retraced to the 61.8% level (around 0.0585–0.0589) during the afternoon, failing to break below that support. This level coincided with the 20 MA and appears to be a key short-term support. Daily Fibonacci levels show the 0.0572 level as the 78.6% retracement of the previous bullish leg, suggesting this is a critical level for near-term bears.

Backtest Hypothesis

Given the bearish momentum confirmed by MACD, RSI, and volume, a potential backtest strategy could involve a short entry at the 20 MA on the 15-minute chart with a stop loss above the 61.8% Fibonacci level (0.0589–0.0591). A target could be set at the 0.0572 support level. A trailing stop could be used as the price moves lower, with dynamic entries based on subsequent 15-minute breaks below key levels. This setup would aim to capture directional moves while managing risk with clear price-based exits.