Market Overview: Coin98/Tether (C98USDT) 24-Hour Price Action and Market Dynamics

• C98USDT fell sharply after an initial consolidation, with a 24-hour low of 0.0212 and a closing price of 0.0369.
• Momentum shifted downward, with RSI signaling oversold levels and bearish divergence in volume.
• Volatility expanded during the crash, peaking at a high of 0.0544 before stabilizing in the final hours.
• Fibonacci levels at 0.0369 and 0.0373 showed strong support, potentially foreshadowing a short-term bounce.

Coin98/Tether (C98USDT) opened at 0.0536 on 2025-10-10 at 12:00 ET, reached a high of 0.0544, a low of 0.0212, and closed at 0.0369 at 12:00 ET on 2025-10-11. Total volume amounted to approximately 177,443,252.5 units, with a notional turnover of roughly $6,479,014. The price swung sharply downward during the 24-hour period, marked by extreme volatility and a bearish shift in sentiment.

The price action revealed a key bearish breakdown from the 0.0535 resistance level around 19:30 ET, leading to a rapid collapse to 0.0212. This level coincided with a 61.8% Fibonacci retracement from the 0.0544 high to the 0.0212 low, suggesting exhaustion of the downward leg. A potential support floor was identified at 0.0369, with the price finding stability there and even testing the 0.0373 Fibonacci level later. No major bullish reversal patterns (e.g., engulfing) emerged during the sell-off, but the consolidation near 0.0369-0.0373 showed signs of a potential bounce.

The RSI for C98USDT dropped sharply into oversold territory, reaching values below 30 for several hours during the selloff, while failing to show a strong rebound, suggesting a possible continuation of bearish momentum. The MACD moved below the signal line and remained negative, confirming a bearish bias. Bollinger Bands showed a dramatic expansion during the sharp decline, with the price finding a bottom at the lower band, which acted as a temporary floor. Volatility is expected to remain high if the price breaks the 0.0373 resistance or retests the 0.0212 level.

The 20-period and 50-period moving averages on the 15-minute chart both crossed below key support levels during the selloff, reinforcing the bearish momentum. On a daily scale, the 50-period SMA is above the 200-period, indicating a potential bearish bias. The 50/100/200-day moving averages could provide context for the broader trend if the pair stabilizes.

The volume profile showed a significant divergence between the early bullish momentum and the later bearish sell-off, with the latter characterized by high-volume, low-turnover activity. This suggests increased selling pressure rather than strong market participation. The price and volume did not align in a clear confirmation of a bullish bounce; instead, they showed bearish exhaustion.

Backtest Hypothesis

A potential backtesting strategy for C98USDT could involve a Fibonacci-based breakout system triggered on a confirmed close above the 61.8% retracement level of a recent bearish leg. In this case, a long entry might be considered when the price closes above 0.0373, with a stop-loss placed slightly below the recent swing low at 0.0369. A take-profit target could be aligned with the 38.2% retracement level at 0.0380 or the 50% level at 0.0388. This setup would aim to capitalize on a short-term bounce while managing risk with tight stops. However, given the recent volatility and bearish momentum, the strategy would require additional filters—such as a positive MACD crossover or RSI divergence—to increase the probability of success.