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

Summary
• Price action showed a bullish impulse between 23:00–00:15 ET with a 0.022–0.0224 high.
• Key support tested at 0.0215–0.0217, rebounding on multiple occasions.
• Volume surged during the rally but declined sharply afterward, indicating potential exhaustion.
• RSI reached overbought territory briefly, suggesting possible short-term pullback risk.

24-Hour Price and Volume Summary

At 12:00 ET–1 on 2025-12-22, Coin98/Tether (C98USDT) opened at 0.0216, reaching a high of 0.0224 and a low of 0.0213 before closing at 0.0222 at 12:00 ET. The total 24-hour volume was 10,137,696.8, with a notional turnover of $222,983.

Structure & Formations

The price action displayed a bullish impulse in the early hours, forming a small but sharp ascending wedge between 23:00 and 00:15 ET. A bullish breakout from 0.0217–0.0221 was followed by a bearish pullback that tested the 0.0215–0.0217 zone multiple times, with price consolidating in a tight range afterward. A doji formed around 02:15 ET, hinting at indecision. Key support levels identified at 0.0215 and 0.0217, and resistance at 0.0219 and 0.0222, based on recent consolidation and rejections.

Moving Averages and Momentum

On the 5-minute chart, the price moved above the 20SMA and briefly above the 50SMA during the early morning rally, indicating short-term bullish momentum. The 50EMA appears to be forming a bullish bias, though the 100EMA has held as a dynamic support. On the daily chart, the 200DMA appears to be a key long-term support level, currently at 0.0215. MACD crossed into positive territory during the 23:00–00:15 ET period, confirming the upward thrust, but has since weakened as the rally stalled. RSI reached overbought territory (~70) at the high of 0.0224 before pulling back, signaling potential for a near-term correction.

Volatility and Bollinger Bands

Volatility expanded significantly during the morning surge, with the price moving above the upper Bollinger Band at 0.0223–0.0224. As the rally subsided, volatility contracted and price settled closer to the middle band, suggesting reduced momentum. The narrowing of the bands indicates a period of consolidation could follow.

Volume and Turnover Analysis

The volume profile showed a sharp increase during the early morning rally, particularly between 23:00 and 00:15 ET, with a single candle (23:0000) recording a massive 1,265,267.0 volume. This was followed by a rapid decline in volume during the pullback, suggesting a lack of follow-through buying pressure. The notional turnover (volume × price) was highest during this rally phase but has since declined, indicating potential short-term exhaustion. No significant divergence between price and turnover was observed.

Fibonacci Retracements

On the 5-minute chart, the pullback from 0.0224 to 0.0221 aligned with the 38.2% Fibonacci level, acting as a temporary support. A deeper pullback to 0.0218–0.0217 corresponds with the 61.8% level, which has held as a key support zone multiple times. Daily retracement levels suggest that 0.0215–0.0217 may be the next line of defense if the bearish trend continues.

In the next 24 hours, the market may attempt to retest the 0.0222–0.0224 range but faces a risk of consolidation or a correction to 0.0218–0.0215 if short-term momentum fails to pick up. Investors should monitor for a potential breakdown below 0.0217 as a bearish signal, while a retest of the upper Bollinger Band could offer a short-term buying opportunity.