Market Overview for Coin98/Tether (C98USDT)

• Price fell from 0.0668 to 0.0620 before a late recovery to 0.0665.
• Momentum shifted from bearish to bullish after 20:30 ET.
• Volatility expanded midday, with a late contraction into the close.
• Volume surged during the rebound, confirming the price reversal.
• RSI hit oversold levels before the reversal, suggesting potential short-term bounce.

The 24-hour period for C98USDT began at 0.0664 and closed at 0.0665 with a high of 0.0668 and low of 0.0620. Total trading volume reached approximately 23,688,348 units, and notional turnover was $1,578,584. The pair experienced a sharp decline in the afternoon, followed by a notable reversal in the late session.

Structure & Formations

Price action formed a distinct bearish trend between 16:00 and 20:00 ET, forming lower highs and lower lows. A key support level at 0.0642 appeared to hold during the decline, and a bullish engulfing pattern developed at 0.0656–0.0665 at 08:30 ET, suggesting a potential shift in momentum. A doji near the 0.0627 level also marked a pause in the downward move.

Moving Averages

On the 15-minute chart, the 20-period moving average crossed above the 50-period at 08:30 ET, signaling a bullish crossover. On the daily chart, the 50-period MA remains above the 200-period MA, indicating a longer-term bullish bias. Price re-entered the 50-period MA at the close, confirming a possible trend re-entry.

MACD & RSI

The MACD turned bullish after 20:30 ET, with the histogram expanding on the late rebound. RSI hit oversold territory at 0.0620 before bouncing back into neutral territory, supporting a potential short-term reversal. The momentum appears to be stabilizing as price retests former resistance levels now acting as support.

Bollinger Bands

Volatility widened significantly from 17:00 to 19:30 ET, with price hitting the lower band before retracting. The bands have since narrowed, indicating a consolidation phase. The recent close at 0.0665 is above the 20-period Bollinger middle band, suggesting a possible continuation of the recovery.

Volume & Turnover

Volume surged during the afternoon decline but dropped off significantly during the consolidation phase. The late rebound was accompanied by a notable increase in volume, confirming the strength of the move. Notional turnover spiked during the rebound at 08:30 ET and again at 15:30 ET, supporting the pattern’s credibility.

Fibonacci Retracements

The 38.2% and 61.8% retracement levels of the 0.0668–0.0620 move were at 0.0657 and 0.0646, respectively. Price found support at both levels, with the 61.8% level acting as a pivot for the late rally. On the 15-minute chart, a 38.2% retracement of the 0.0656–0.0665 move has formed at 0.0658, which could serve as a short-term support.

Backtest Hypothesis

A potential backtesting strategy could focus on the late-day bullish engulfing pattern and the subsequent crossover of the 20 and 50-period moving averages. By entering long near the close of the 08:30 ET candle and setting a stop-loss below the doji at 0.0627, the setup appears to align with the observed price recovery. This approach would aim to capture the rebound off key support levels and a confirmed breakout above the 50-period MA.

Looking ahead, price appears to be consolidating above key support levels, with momentum indicators and volume patterns suggesting potential follow-through. A break above 0.0670 could signal a resumption of the longer-term bullish trend, but traders should remain cautious of a pullback to test the 0.0642 level.