Market Overview for Coin98/Tether (C98USDT) – 24-Hour Summary

• Price dropped sharply overnight to 0.0459 before recovering slightly to 0.0472 at 12:00 ET.
• RSI and momentum suggest oversold conditions, but price remains below key support.
• Volume spiked during the selloff but has declined, indicating reduced urgency in trading.
• A strong bearish engulfing pattern emerged around 0.0523–0.0486, signaling bearish continuation risk.
• Bollinger Bands have expanded, reflecting increased volatility in the last 15 hours.

Coin98/Tether (C98USDT) opened at 0.0571 on 2025-09-21 at 12:00 ET, hit a high of 0.0577, a low of 0.0459, and closed at 0.0472 on 2025-09-22 at 12:00 ET. The total 24-hour volume was 39,616,617.09999999, while turnover amounted to approximately 1,831.5 (volume × price weighted average). The pair experienced a sharp selloff overnight, with a key bearish candle closing at 0.0486.

The price structure shows a distinct bearish bias over the past 24 hours. A strong bearish engulfing pattern emerged from 0.0523 (open) to 0.0486 (close), with a significant drop of 0.0037 in a single 15-minute candle. This pattern, combined with a 0.0043 drop in the following candle, signals a potential continuation of the downtrend. Key support levels appear to be forming around 0.0475–0.0472, with resistance near 0.0480–0.0485. A breakdown below 0.0475 could target 0.0465–0.0460 on the 15-minute chart, as Fibonacci retracement levels from the 0.0577 high to 0.0459 low show 61.8% at 0.0475 and 78.6% at 0.0463.

The 15-minute 20/50-period moving averages show a bearish crossover, with both lines trending downward. The 50-period moving average is currently at 0.0478, above the 20-period at 0.0474, reinforcing the bearish momentum. On the daily chart, the 50/100/200 SMA setup also supports bearish bias, with the price well below the 200 SMA. The RSI has fallen into oversold territory at 28.1, suggesting a potential short-term bounce, but the MACD remains bearish with a negative histogram and a slow-moving signal line, which increases the likelihood of a continuation of the downtrend.

Bollinger Bands have expanded significantly, reflecting the increased volatility in the last 15 hours. Price is currently trading near the lower band at 0.0472, indicating a potential rebound could occur if the oversold RSI triggers a bounce. However, given the strong bearish setup and volume behavior (spike during the selloff followed by a decline), a breakout below the lower band may be more probable than a reversal. The 15-minute chart shows a consolidation phase forming between 0.0472 and 0.0479, which could either serve as a base for a rebound or a platform for further decline.

Backtest Hypothesis
The bearish engulfing pattern that formed around 0.0523–0.0486 aligns with a strategy focusing on shorting after confirmed breakouts below key moving averages and Fibonacci levels. A backtest using a 15-minute time frame and entries on confirmation of a close below the 50-period SMA would align well with the current setup. Stops could be placed above 0.0485, and targets could include 0.0465–0.0460 on the daily chart. Given the RSI in oversold territory, a conservative strategy may wait for a pullback before initiating a short trade.